Asset management firm to invest $267 million in Spanish methanol plant
White Summit Capital, an investor and asset manager in sustainable energy infrastructure, will invest 250 million euros ($267 million) in a green hydrogen and methanol plant in Spain, Reuters reported.
The facility, located in the port area of Gijon in Asturias’ northern region, will produce e-methanol by utilizing green hydrogen and captured carbon dioxide from neighbouring industries.
E-methanol is produced using green hydrogen from renewable sources and captured carbon dioxide.
The investment aims to meet the increasing demand from shipping companies for cleaner fuels. This demand arises as these companies seek to reduce their emissions, especially considering the constraints in the availability of such fuels.
The funding will be provided by European Union funds via White Summit’s green hydrogen subsidiary, HyFive.
Beginning in 2027, the plant will initiate operations with 50 MW of electrolysis capacity to produce green hydrogen. This will be used to manufacture 100,000 metric tons of green methanol annually.
Subsequently, the company intends to expand its electrolysis capacity to 100 MW, doubling its production capability.
Read more: EU’s new hydrogen project to generate $3.5B in private investments
Green methanol is crucial for reducing carbon emissions in industries that are difficult to electrify, such as maritime transport. It is a significant solution in decarbonizing these sectors by providing a cleaner alternative to traditional fuels, thereby supporting environmental sustainability efforts.
White Summit’s portfolio includes Spanish electric vehicle charger firm Zunder and Portuguese biomethane producer Ferbgas Renewable.
Earlier this year, it secured a 150 million euro commitment from the European Investment Fund for an infrastructure fund focused on decarbonization.
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