MOL makes strategic investment in Ascension Clean Energy
MOL Clean Energy, US, LLC (MCE), a 100 percent subsidiary of Mitsui O.S.K. Lines, Ltd. (MOL), and Clean Hydrogen Works, LLC (CHW) announced MCE as a Joint Venture shareholder in Ascension Clean Energy (ACE), a proposed world-scale, clean hydrogen-ammonia production and export facility in Ascension Parish, Louisiana. Other shareholders are CHW, Denbury Inc., a world-leading carbon solutions provider with more than two decades of successfully managing carbon dioxide (CO2), and Hafnia, one of the world’s leading oil product tanker owners and operators.
Expected to produce 7.2 million metric tons of clean hydrogen-ammonia annually, ACE will help meet the rapidly emerging demand for affordable, secure, and low-carbon fuels and feedstock around the world. This clean energy will help decarbonize hard-to-abate sectors including power generation, bunker fuel, heavy transportation, steel processing and industrial applications.
With a projected investment of $7.5 billion, ACE is expected to generate approximately 1,500 construction jobs over five years and 350 permanent, full-time jobs with an annual average wage of more than $116,000, once fully operational. ACE is expected to create an additional 626 jobs in Ascension Parish, along with nearly $2.2 billion in new sales in firms across Louisiana.
Project majority shareholder, Clean Hydrogen Works (CHW), is a sustainability-focused, commercially oriented project developer with extensive experience in developing integrated energy value chains. Established in early 2021, CHW is led by an experienced team of project executives from leading global energy companies.
Mitsui O.S.K. Lines (MOL) is a leading global shipping company operating approximately 800 ships across the world and is headquartered in Japan. MOL develops social infrastructure businesses centered on ocean shipping, with technologies and services to meet ever-changing social needs including environmental protection. The MOL fleet includes dry bulk ships, liquefied natural gas (LNG) carriers, car carriers, and tankers.
