Mitsui O.S.K. Lines makes strategic investment in Ascension Clean Energy
In Louisiana, MOL Clean Energy (MCE), a 100% 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 clean hydrogen-ammonia production and export facility in Ascension Parish, Louisiana.
Other shareholders are CHW, Denbury and Hafnia.
ACE is expected to produce 7.2 million metric tons of clean hydrogen-ammonia annually. This clean energy will help decarbonize hard-to-abate sectors including power generation, bunker fuel, heavy transportation, steel processing and industrial applications, the company said.
“Clean hydrogen-ammonia is critical to decarbonizing the global energy market,” said Tomoaki Ichida, CEO at MCE, “With this innovative project, MOL is investing not only for our future growth, but also helping promote the development and adoption of clean hydrogen-ammonia within our fleet and customer base,” Ichida added.
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.
