European Energy receives EUR 53m financing for Power-to-X plant in Kassø
Oct 14, 2022
The world’s largest e-methanol facility in Denmark is one step closer as European Energy has now received EUR 53m from the Danish Green Investment Fund.
European Energy’s production of green fuels has taken a big step forward. European Energy’s upcoming Power-to-X-facility (PtX-facility) in Kassø will be the largest e-methanol facility in the world to date. The Danish Green Investment Fund (DGIF) has now agreed to come with a financing of EUR 53m to the total investment of the facility.
– We are very happy that DGIF sees the same potential in green fuels, including e-methanol, as we do, says Knud Erik Andersen, CEO of European Energy.
The financing from the Danish Green Investment Fund’s financing is part of the total investment in the facility, which the Danish bank Jyske Bank is also co-financing.
The financing will go to the total capital investments in connection with the expansion of the PtX plant in Kassø, which will be the largest e-methanol plant on a commercial basis in the world to date.
DGIF aims to co-finance investments that promote a green transformation of Danish society.
– We see great potential in the facility, which is a step towards scaling PtX technologies. The entire value chain is conceived by, among other things, using CO2 when the e-methanol is to be refined – and this can help to meet the massive demand for electrofuels, says Michael Zöllner, Managing Partner at Denmark’s Green Investment Fund.
The future PtX facility is supplied with renewable energy from the nearby Kassø Solar Park. A solar park which European Energy has developed and built. The solar park is to date the largest solar park in Northern Europe with a capacity of 300 MW. This corresponds to the solar park being able to supply 75,000 Danish households with green electricity.
Ming Ou Lü
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Denmark’s Green Investment Fund
+45 4237 2950