Global Energy Group Ltd. (GEG; Aberdeen, Scotland) has entered into an agreement with integrated energy company Proman (Wollerau, Switzerland) to develop a renewable-power-to-methanol plant utilizing local sources of captured carbon dioxide to be located at the Nigg Oil Terminal in the Highlands of Scotland.
GEG is also the owner of the Nigg Oil Terminal and Proman is the second largest methanol producer in the world, deploying a fully integrated approach to the entire value chain from project development and production to marketing, logistics and shipping.
The development of an industrial scale renewable power to methanol production facility with CO2 to be provided from local industrial sources will be known as the “Cromarty Clean Fuels Project“. Subject to the successful completion of ongoing financial and technical feasibility studies, and further development and financing of the project, Proman will become the owner, operator and off taker of the green methanol production facility.
GEG is seeking to strengthen the resilience and competitiveness of the Cromarty Firth region by establishing an industrial low carbon cluster at the Port of Nigg which it hopes will increase local productivity, stimulate innovative new partnerships, even among competitors, and attract significant inward investment in essential supply chain infrastructure to help the Scottish and UK governments achieve their ambitious climate change targets.
The Cromarty Clean Fuels Project team is now assessing the commercial, technical and financial viability of a renewable power to methanol production and export facility with the ability to store onshore at Nigg and load methanol to be exported on bulk carrier vessels using the repurposed Nigg Jetty. The feasibility study is investigating how project feasibility changes with scale, to determine optimal scale for the project.
Green methanol is a renewable, liquid, product that is used as a transportation fuel or as a feedstock in the chemical industry. It is produced from recycled carbon dioxide and hydrogen produced from renewable electricity using proven technologies such as electrolysis. Green methanol can be used as a fuel which drastically cuts greenhouse gas (“GHG“) emissions by eliminating sulphur oxide and particulate matter, and significantly reducing nitrogen oxide and carbon dioxide emissions. Cutting GHG emissions is essential in fighting climate change and improving public health through better air quality which can be achieved today for either land or sea based transportation.
Tim Cornelius, CEO of Global Energy Group, commented: “We are delighted to be joining forces with Proman on this potentially seminal project for Scotland. Green methanol can be made from many plentiful sources and with the efforts being made to capture North Sea carbon dioxide, we hope to become an important customer and consumer of projects such as the Acorn Project to produce clean fuels for the wider maritime transport sector.
Onshore and offshore wind is one of the world’s fastest growing sources of energy, however, wind power must be dispatched as soon as it is produced, even if there is not enough demand for electricity. When this happens, operators have little choice but to disconnect the renewable source from the grid, leading to wasted energy and costs for governments and operators.
This plant will have the capability of harnessing excess power to produce green methanol, which can then be used as an automotive or shipping fuel or as a chemical building block in thousands of everyday products.”
David Cassidy, CEO of Proman, commented:
“As a global leader in methanol production we are actively investing and pursuing green methanol projects to further develop methanol’s potential as a clean fuel for the future. Working with Global Energy Group in establishing green methanol production in Scotland is an exciting development in our strategy as it combines the necessary requirements of low cost renewable energy and utilizes local sources of captured CO2 to produce green methanol. READ MORE
By Mary Page Bailey
Eastman is investing up to US$1 billion in building what it says is the world’s largest molecular plastics recycling facility in France. The new facility would use Eastman’s polyester renewal technology to recycle up to 160,000 metric tons of hard-to-recycle plastic waste annually – enough plastic waste to fill Stade de France national football stadium 2.5 times.
Korean battery maker LG Energy Solution has opened the books to investors to raise up to $10.8 billion in the country’s largest initial public offering (IPO), according to a term sheet seen by Reuters. The shares will be sold in a price range of 257,000 won to 300,000 won ($216.19-$252.36) apiece to raise between $9.2 billion and $10.8 billion, the term sheet showed.
The SHYNE (Spanish Hydrogen Network) project is the largest multisectoral consortium in Spain, created to promote the decarbonization of the economy through renewable hydrogen. SHYNE will have a total investment of €3.23 billion euros that will serve to develop more competitive technologies and evolve both the Spanish industry and its infrastructure towards decarbonization, generating more than 13,000 jobs.