New Delhi: ACME Green Molecules Business has entered into a long-term agreement with Mitsubishi Gas Chemical Company, Inc (MGC) to supply 1 lakh tonnes of green methanol every year, the company said in a statement on Friday. The deal carries an estimated investment of approximately USD 1 billion, according to the statement.
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ACME Green Molecules described the pact as the first-ever Renewable Fuels of Non-Biological Origin (RFNBO)-compliant green marine fuel collaboration entered into by an Indian company. The company said this places India at the forefront of low-carbon alternatives to conventional marine fuels.
Green methanol is increasingly being viewed as a workable replacement for heavy fuel oil (HFO), very low sulphur fuel oil (VLSFO), and marine gas oil (MGO). Its appeal lies in cutting carbon emissions substantially while remaining a liquid fuel that can run on existing ship and port infrastructure, the statement said.
Anil Taparia, Chief Executive Officer (CEO) of ACME Green Molecules Business, called the agreement a milestone for the company, saying: "This agreement marks an important milestone in ACME Group's journey to build a globally competitive green methanol business and accelerate the transition to sustainable fuels and chemicals in marine and aviation sectors. We are proud to partner with MGC, a globally respected leader in the methanol industry, to advance the commercialisation of green methanol at scale."
Hideaki Akase, Managing Executive Officer of the Green Energy & Chemicals Business Sector at Mitsubishi Gas Chemical, said: "ACME Group has continuously created new frameworks in new business fields, and is now trying to navigate through the challenge in the green methanol field."
The planned green methanol facility at Paradip will be ACME Group's third major strategic investment in Odisha, further cementing the state's role as a hub for the group's green molecules business, the statement said.
ACME already operates a green ammonia facility in Bikaner and is developing a large green ammonia project in Duqm, Oman, as part of its broader international push, according to the company.
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MGC runs an environmentally circular methanol platform called Carbopath, under which methanol is produced from CO2, waste plastics, and biomass using proprietary production technology built on in-house catalysts developed over several years, the statement said.
