The company, called C2X, will build and operate “large-scale” production facilities and expects an annual capacity of more than three million tons green methanol by 2030, according to a statement from family fund A.P. Moller Holding A/S, or APMH, on Thursday. That’s a significant addition to an industry facing a massive shortage of carbon neutral fuel.
Maersk, which operates a fleet of about 700 container ships, is alone responsible for about 0.1% of all human-made CO2 emissions. The Copenhagen-based company has identified green methanol as the best technology to achieve its goal of becoming carbon neutral in 2040. The new company will be led by Brian Davis, an ex-Shell Plc oil-industry veteran, while the finance chief will be Alastair Maxwell, formerly of Morgan Stanley and Goldman Sachs Group Inc. It will start with 60 employees and is currently pursuing projects located near the Suez Canal in Egypt and in Spain.
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