MOL Clean Energy (MCE), a subsidiary of Mitsui O.S.K. Lines, Ltd. (MOL), has made a strategic investment in Ascension Clean Energy (ACE), a proposed global-scale clean hydrogen-ammonia production and export facility in Louisiana’s Ascension Parish.
The announcement of MCE’s investment, which grants them joint venture shareholder status, was made on June 15th. Other shareholders in the project include Clean Hydrogen Works, Hafnia, and Denbury Carbon Solutions.
By partnering with the ACE project, MOL aims to contribute to the development of safe, sustainable, and efficient solutions for shipping clean hydrogen-ammonia to emerging clean energy markets worldwide.
Clean hydrogen-ammonia plays a critical role in decarbonizing the global energy market, according to Tomoaki Ichida, CEO of MCE. He stated that MOL’s investment in this innovative project is not only aimed at future growth but also at promoting the adoption of clean hydrogen-ammonia within their fleet and customer base.
The ACE facility is projected to produce 7.2 million metric tons of clean hydrogen-ammonia annually, offering a means to decarbonize challenging sectors such as power generation, bunker fuel, heavy transportation, steel processing, and industrial applications.
The anticipated timeline for production targets late 2027, with the shipment of clean energy expected to commence in 2028.
Moreover, the ACE project aims to capture up to 98% of CO2 emissions from its processes while providing a cost-effective and scalable pathway for the supply of carbon-free energy.
With an estimated investment of $7.5 billion, the ACE project is anticipated to create approximately 1,500 construction jobs over five years and sustain 350 permanent, full-time jobs.