Equity Participation for Building Hydrogen Supply Chain Between Japan and the U.S. Clean Hydrogen to be Produced in the Gulf of Mexico
ENEOS Corporation announces that it has made an equity investment in MVCE Gulf Coast, LLC (“MVCE”) of the U.S., which seeks to produce clean hydrogen in the Gulf of Mexico in the U.S. and build a clean hydrogen supply chain between Japan and the U.S. Envisioning a carbon-neutral society that consumes large amounts of hydrogen, ENEOS is working to build low-cost, stable clean hydrogen supply chains in Japan and overseas.
As one aspect of the initiative, ENEOS is investigating the joint production of hydrogen with business partners in Asia, the Middle East, and Australia as well as the production and transportation of methylcyclohexane (MCH*1), an effective medium for the efficient form of hydrogen storage and transportation.
Established by Azimuth Capital Management, MVCE has extensive experience and knowledge in business areas including hydrogen and ammonia manufacture as well as project development and is developing one of the world’s largest plants for the manufacture of hydrogen, MCH, and ammonia in the Gulf of Mexico.
Through its equity participation, ENEOS will verify the commercial feasibility of manufacturing cost-competitive and clean hydrogen in the Gulf of Mexico and exporting MCH to Japan.
ENEOS is promoting an energy transition through the use of hydrogen in order to contribute to reduction in greenhouse gas emissions throughout society and is accelerating its initiatives with the aim of achieving a carbon-neutral society.
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