Orsted’s Green Fuel Plant Gets Backing from Bill Gates and EU
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Orsted A/S’s e-methanol plant is Sweden is among the first two projects receiving €240 million ($262 million) from the European Union’s Catalyst partnership with Bill Gates.
The allocation — a mix of grants, equity and debt — will be used to fund the Danish company’s FlagshipOne facility that will provide green fuel for the shipping industry, according to a joint statement from the European Investment Bank, European Commission and Bill Gates’ Breakthrough Energy. The plant is set to be Europe’s largest integrated e-methanol production facility, with a capacity to produce about 55,000 tons of the clean fuel per year from 2025.