On June 15, Mitsui O.S.K. Lines (MOL), a major shipping company, announced that it had invested in Ascension Clean Energy (ACE), an operator of a clean ammonia production and transportation project in Louisiana being promoted by Clean Hydrogen Works (CHW), a U.S. hydrogen and ammonia project developer. (ACE), which operates the project in Louisiana.
According to the announcement, the project plans to produce and export 7.2 million tons of clean ammonia annually in Ascension County, Louisiana, using natural gas as the main raw material. The total project cost is estimated at $7.5 billion for plant construction and port facilities. The produced clean ammonia will be exported by MOL and other ammonia carriers.
The clean ammonia produced is expected to contribute as energy to the shipping, power, and steel industries, which require safe, inexpensive, low-carbon fuels. Through its participation in the project, MOL will contribute to the supply chain of clean energy from upstream to downstream. The company also intends to actively respond to the major trend of energy shift and make a concerted group effort to engage in clean energy business in order to contribute to the reduction of greenhouse gas (GHG) emissions not only by the company itself but also by society.
MOL's recent decarbonization efforts in the U.S. include the March announcement of a partnership with U.S. ammonia power generation startup Amogee (see March 24, 2023 article), the May announcement of a new U.S. company aimed at investing in startups with decarbonization technologies in the energy sector The establishment of M.O.L. Switch, among others.