Ørsted has made the final investment decision (FID) for the FlagshipONE e-methanol project, which will produce 50,000 tonnes per year. As Ørsted’s first Power-to-X facility at a commercial scale, FlagshipONE will be a significant step toward the company’s goal of becoming a global leader in renewable hydrogen and green fuels.
Ørsted has gained full ownership of FlagshipONE by purchasing the remaining 55% of investment in the project from Liquid Wind AB, the project’s original developer, demonstrating its commitment to the FID.
FlagshipONE, the largest FID-certified green e-methanol facility in Europe, is situated in the northern Swedish town of Örnsköldsvik. FlagshipONE will start operating in 2025 and produce about 50,000 tonnes of e-methanol annually to assist in decarbonizing the global marine sector.
As Ørsted grows its footprint in Power-to-X across Northern Europe and the United States, the industry is a focal area for the company. Global shipping accounts for about 3% of global carbon emissions. The company is also developing the 300,000 tonnes “Project Star” in the US Gulf Coast region and the “Green Fuels for Denmark” project in Copenhagen, both of which will produce significant volumes of e-methanol to enable the decarbonization of shipping.
FlagshipONE is the first e-methanol project in rsted’s ambitious green fuels pipeline.
“Ørsted is prepared to lead the development of the Power-to-X industry and assume risk in the process – including by advancing strategic projects like FlagshipONE – but regulatory action that matches the ambitions of developers and shipping companies is urgently needed,” said Mads Nipper, Group President and CEO of Ørsted.
In the spring of 2023, Ørsted will start building FlagshipONE on-site. The project will be situated on the property of the Hörneborgsverket biomass-fired combined heat and power facility in Örnsköldsvik, which is run by Övik Energi.
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Source: Petro Plaza