Project Air granted €97 million from Innovation Fund

Perstorp, a wholly owned subsidiary of PETRONAS Chemicals Group Berhad (PCG), Uniper, a German energy firm, and the European Climate, Infrastructure, and Environment Executive Agency (CINEA) have signed an agreement to give Project Air €97 million from the Innovation Fund.

The monies will be used to allow the project’s carbon-neutral technology for the European chemicals sector.

Project Air is a carbon capture and utilization (CCU) method for converting CO2, residual streams, renewable hydrogen, and biomethane that will be used to produce sustainable methanol on a big scale for the first time.

It is predicted to result in a 123% reduction in greenhouse gas (GHG) emissions when compared to conventional methanol synthesis.

According to Uniper, it is also projected to have far-reaching consequences throughout various industrial value chains, contributing to Europe’s reduction in reliance on imported fossil fuels.

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