Once operational, BLRE will produce over 500,000 tonnes of green methanol per annum
ENEOS has signed an investment settlement with C2X to improve the development of the Beaver Lake Renewable Energy (BLRE) venture in Louisiana to FID
C2X Ltd. (C2X), a main developer of green methanol venture, and ENEOS Corporation (ENEOS), Japan’s main energy enterprise, together introduced a combined investment in C2X of $100 million from ENEOS and existing shareholders A.P. Møller Holding and A.P. Møller – Mærsk (Maersk). The transaction is subject to the satisfaction of customery closing conditions which include relevant regulatory clearances.
The proceeds from the investment will basically be used to fund the final development phase of the BLRE venture which C2X is growing together with SunGas Renewables (SunGas) in Alexandria in the state of Louisiana. Once operational, BLRE will produce over 500,000 tonnes of green methanol consistent per annum and is in discussions to defend long-term period offtake from Maersk and other high-quality customers in the shipping, chemicals and industrial sectors.
The venture will use SunGas’ industry main S-1000 gasification system to convert biomass into low carbon methanol. The venture will also capture and permanently sequester around 1 million tonnes per year of surplus biogenic CO2 from the gasification procedure, producing excessive quality and price-competitive carbon dioxide removal (CDR) credit.
The multibillion-dollar venture goals to begin construction in second half of 2026 and will create hundreds of direct and indirect jobs in the catchment area of the plant. It can even support the nearby forestry industry through supplying an outlet for biomass that was previously used in paper turbines that have closed over time.
This investment can also be used to improve the rest of C2X’s portfolio comprising venture in Spain, Egypt, and other US locations.
“We clearly respect the continued help of our existing shareholders, and we welcome our new companion, ENEOS, as a significant shareholder in C2X. ENEOS will allow us to expand the journey to low carbon procedure for more than one markets and industries. ENEOS’ market function, industry relationships and technological competencies will add significant value to C2X’s portfolio. Our collaboration represents now not simplest strategic partnership but also a shared vision for a extra sustainable future.” stated Brian Davis, CEO of C2X.
“We are keen to partner with C2X, a pioneer in green fuels with extensive expertise in this field and a globally competitive portfolio. We have been impressed by the C2X team and its choice of SunGas’ main gasification technology system to underpin the commercially competitive and economically attractive BLRE venture. Together, this new strategic partnership will improve ENEOS’ low carbon activities to develop a global scale business generating and marketing green molecules globally” stated Satoru Otatsume, General Manager, Low Carbon Solutions Department ENEOS.
ENEOS’ investment is observed by a strategic partnership with C2X, which considers methanol offtake and the application of SunGas’ gasification technology into its system portfolio.
Morgan Stanley acted as exclusive financial advisor and placement agent to C2X on the capital raise.
