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Was going to be Europe’s largest – is being shut down

by AI | 15.Aug 2024 | Europe in brief AI

It was supposed to be Europe’s largest facility for e-methanol, but now Ørsted announces that the project in northern Sweden is being shelved, despite support from the EU and EIB.

Philanthropists Bill Gates and EIB invest billions in Ørsted, announced at COP28 in Dubai. Photo: Magnus Hjalmarson Neideman/SVD/TT

Stockholm – The Danish energy giant Ørsted is ending its investment in a large e-methanol project in Örnsköldsvik in northern Sweden.

The investment, known as Flagship One, was set to become Europe’s largest e-methanol plant.

In early December last year, the facility was in the spotlight when Microsoft founder Bill Gates announced that his Breakthrough Energy, in collaboration with the EU and the European Investment Bank, was investing more than 1.3 billion kronor.

As a reason for the termination of the investment, Ørsted mentions in its quarterly report that the market for e-methanol in Europe has developed slower than expected.

Flagship One was intended to produce 50,000 tons of fossil-free fuel for shipping starting in 2025. According to calculations, it would reduce emissions by 100,000 tons per year.

(August 15)