Neuhausen SH – Methanology has raised Series A financing and agreed a strategic partnership with global shipping company Maersk as investor. Methanology produces renewable methanol with enzymes and catalysis.
Neuhausen am Rheinfall-based Methanology AG has raised Series A financing and entered into a strategic partnership with Maersk Growth, according to a media release. This is the venture arm of A.P. Moller-Maersk, one of the largest shipping companies in the world with annual sales of over $80 billion.
Methanology is developing technologies that can produce large quantities of renewable methanol using enzymes and advanced catalytic materials, according to a statement on LinkedIn. The focus, he said, is on high efficiency in the conversion of feedstocks such as CO2 and biogas into renewable methanol.
A.P. Moller-Maersk is betting on running its ships on methanol, according to an article at startupticker.ch. The company aims to transport at least 25 percent of its ocean freight using environmentally friendly fuels by 2030. In June, the world’s first methanol-fueled container ship set off from South Korea on its maiden voyage and arrived at Maersk’s headquarters in Copenhagen in September after covering a distance of 21,500 kilometers. The company plans to start operating a fleet of new large methanol ships in 2024.
Fossil-free and CO2-neutral produced methanol will replace a large part of the current oil and natural gas market in the future, it continues. The global methanol market is estimated to reach $100 billion by 2026.
“We are proud to be supported by an industry-leading company committed to ambitious net-zero targets, with a focus on the importance of access to promising technologies for the production of sustainable fuels such as renewable methanol,” Methanology AG states on LinkedIn. ce/gba