Methanology partners with Maersk for renewable methanol
23 October 2023 11:34
Headquartered in Neuhausen am Rheinfall in the canton of Schaffhausen, Methanology AG has launched a Series A financing round and entered into a strategic partnership with Maersk Growth, further details of which can be found in a press release. Maersk Growth is the venture arm of A.P. Moller-Maersk, one of the world’s largest shipping companies with annual turnover in excess of 80 billion US dollars.
Methanology develops technologies to produce vast quantities of renewable methanol by harnessing the power of enzymes and advanced catalytic materials, as the company writes in a LinkedIn post. In this context, the focus is on high efficiency in converting raw materials and biogas into renewable methanol.
According to an article published by startupticker.ch, A.P. Moller-Maersk uses methanol to operate its ship fleet. The company intends to transport at least 25 percent of its ocean cargo using environmentally friendly fuels by 2030. In June, the world’s first methanol-powered container ship set off on its maiden voyage from South Korea and arrived at the Maersk headquarters in Copenhagen in September after a 21,500-kilometer journey. The company now plans to put a new fleet of large methanol ships into operation from 2024.
In future, fossil-free and CO2-neutral methanol will replace a large part of the current oil and gas market, the article explains. It is estimated that the global methanol market will be valued at 100 billion US dollars by 2026.
“We are proud to receive support from an industry-leading company, committing to ambitious net zero targets with a dedicated focus on the importance of access to promising technologies for producing sustainable fuels like renewable methanol”, as Methanology AG writes in its LinkedIn post. ce/gba