White Summit Capital to Invest €250 Million in Green Hydrogen and Methanol Plant in Spain

By June 17, 2024 2   min read  (272 words)

June 17, 2024 |

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MADRID– Infrastructure investment firm White Summit Capital will invest 250 million euros ($267 million) in a green hydrogen and methanol plant in Spain, a person familiar with the matter told Reuters.

The investment aims to tap into demand from shippers for cleaner fuels to reduce their emissions amid limited supplies.

The plant will be in the port area of Gijon, in the northern region of Asturias, and will use green hydrogen and carbon dioxide captured from nearby industries to produce e-methanol.

E-methanol is made using hydrogen produced with renewable energy rather than fossil fuels – so-called green hydrogen – and captured carbon dioxide.

The investment will be made via White Summit’s green hydrogen subsidiary HyFive and is supported by European Union funds, the person said.

Starting from 2027, the plant will have 50 megawatts (MW) of electrolysis capacity to make green hydrogen, feeding the production of 100,000 metric tons of green methanol every year. The firm has plans to then double its electrolysis capacity to 100 MW.

The project is expected to be unveiled on Tuesday.

Green methanol is seen as an important contributor in decarbonising industries that are hard to electrify, such as maritime transport.

With offices in locations including Switzerland, Spain and Britain, White Summit focuses on investments tied to the green transition. Its portfolio includes Spanish electric vehicle charger firm Zunder and Portuguese biomethane producer Ferbgas Renewable.

Earlier this year, it secured a 150 million euro commitment from the European Investment Fund for an infrastructure fund focused on decarbonisation.

($1 = 0.9349 euros)

Reporting by Pietro Lombardi; Editing by Aislinn Laing and Mark Potter

SOURCE: Reuters


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