C2X, a developer of green methanol projects, and ENEOS Corporation, Japan’s leading energy company, jointly announced a combined investment in C2X of $100 million from ENEOS and existing shareholders A.P. Møller Holding and A.P. Møller – Mærsk. The transaction is subject to the satisfaction of customary closing conditions including applicable regulatory clearances.

The proceeds from the investment will primarily be used to fund the final development phase of the BLRE project which C2X is developing together with SunGas Renewables in Alexandria, Louisiana. Once operational, BLRE will produce more than 500,000 tonnes of green methanol per annum and is in discussions to secure long-term offtake from Maersk and other high-quality customers in the shipping, chemicals and industrial sectors.

The project will use SunGas’ S-1000 gasification system to convert biomass into low carbon methanol. The project will also capture and permanently sequester approximately 1 million tonnes per year of surplus biogenic CO₂ from the gasification process, generating high quality and cost-competitive carbon dioxide removal (CDR) credits.

The multibillion-dollar project aims to start construction in second half of 2026 and will generate hundreds of direct and indirect jobs in the catchment area of the plant. It will also support the local forestry industry by providing an outlet for biomass that was previously used in paper mills that have closed over time. This investment will also be used to advance the rest of C2X’s portfolio comprising projects in Spain, Egypt, and other US locations.

ENEOS’ investment is accompanied by a strategic partnership with C2X, which considers methanol offtake and the application of SunGas’ gasification technology into its system portfolio.

Morgan Stanley acted as exclusive financial advisor and placement agent to C2X on the capital raise.