Maersk Growth, the venture arm of Danish shipping giant A.P. Moller-Maersk, has added Switzerland-based cleantech and engineering company Methanology AG to its low-carbon fuel portfolio.
Methanology focuses on developing technologies capable of producing large quantities of renewable methanol using the power of enzymes and advanced catalytic materials.
On October 19, 2023, Maersk Growth and Methanology revealed that Series A funding had been raised and a strategic partnership had been formed between the two companies.
“We are proud to receive support from an industry-leading company, committing to ambitious net zero targets with a dedicated focus on the importance of access to promising technologies for producing sustainable fuels like renewable methanol,” Methanology stated.
Maersk has been at the forefront of introducing low-carbon fuels such as methanol in the shipping industry with its newbuild vessels. The company also has plans for retrofitting its existing fleet to run on green methanol as part of its sustainability agenda. The first retrofit is scheduled for 2024 in cooperation with German MAN Energy Solutions (MAN ES).
As the latest step in its decarbonization strategy, the company signed its first methanol dual-fuel conversion project with Chinese shipbuilder Zhoushan Xinya Shipbuilding Co. on October 18, 2023.
To remind, the shipping giant christened its first methanol-powered containership, Laura Maersk, in September this year. At the beginning of October, South Korea’s Hyundai Heavy Industries (HHI) launched the first of twelve Maersk’s 16,200 TEU methanol-powered containerships.
Maersk has ordered a total of 25 methanol-powered container carriers from shipbuilders such as Hyundai Heavy Industries, Hyundai Mipo Dockyard, and Yangzijiang Shipbuilding Group as part of its decarbonization efforts.
The company aims to have its full fleet of methanol-powered vessels operational by 2027.