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HyFive Secures E-Methanol Offtake Term Sheet with ARA Customer
The agreement raises contracted volumes from its planned HyMet Musel project to 60,000 mt/year, equivalent to 60% of the project's planned annual production capacity, the firm said in a LinkedIn post on Monday.
The latest deal follows HyFive's earlier term sheet covering up to 50% of HyMet Musel's planned output and its recent letter of intent with tank storage operator Evos to explore e-methanol storage and handling at the Port of Rotterdam.
HyFive said the Evos partnership will help establish the downstream infrastructure needed to supply customers in the ARA region, a key European bunkering hub.
HyMet Musel is being developed as a 100,000 mt/year e-methanol production facility at the port of Gijon in Spain.
E-methanol can power methanol dual-fuel ships. While container shipping companies were among the first to implement methanol as a marine fuel, firms including Maersk and CMA CGM are now also exploring ethanol as an alternative fuel to these vessels.
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