Swedish green technology company Cortus Energy has entered into a term sheet with the Norwegian company Glocal Green AS after completing technical verification of gasification of forest residues for the production of renewable methanol for shipping.
The parties are continuing their work on two projects, one in Ålesund and the other in Øyer. The technical verification has been performed by the Norwegian research institute SINTEF in Trondheim.
Renewable methanol for shipping is the solution that the shipping industry in Norway sees as a realistic way to phase out fossil fuels and secure the future industry.
The choice of renewable methanol is based on the capacity for energy storage on ships, security and logistics but also on the fact that it is possible to convert ships that currently run on fossil fuels to methanol operation.
The market for renewable methanol as a fuel for shipping is forecast to be a billion market over the next ten years.
As explained, the aim of the preliminary agreement is to accelerate the design of two green methanol plants and to ensure their financing. The situation for biofuels in Norway is said to be favorable. Both biological residues that are not used and residues that are currently exported can instead be used regionally for value creation through the production of renewable methanol.
Glocal Green is a newly established company that focuses on producing renewable energy that has received public Norwegian support for technical verification.
Norway invests billions annually in a green transformation of the maritime industry. A long-term industrial collaboration between Norway and Sweden began in May. Glocal Green and Cortus presented their biomethanol collaboration in connection with the Industry Delegation meeting in Gothenburg on 3 May.
The parties believe that the two projects will be implemented and expect a first engineering order for Cortus’ WoodRoll 2.0 technology during the second half of 2022.
“It is a great pleasure for us to work with Glocal Green to find a way towards green transport fuels for shipping in Norway, which in this context can open up the market for green shipping in several countries,” Rolf Ljunggren , Cortus’ founder and vice president, commented.
“The positioning in the market for renewable fuels is further strengthened with this Norwegian collaboration,” Håkan Sigfridsson , CEO of Cortus, said.
“Cortus’ … WoodRoll technology stands out as the … efficient technology for a resource- and cost-efficient production of bio methanol for Norwegian shipping and the maritime industry. The agreement is a step towards moving forward with the commercialisation of green methanol production in Norway as quickly as possible,” Dag Nikolai Ryste , Managing Director of Glocal Green AS, said.
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