Sweden – Ørsted has unveiled the EU-Catalyst Partnership’s support for its FlagshipONE project, positioning it as a beacon of innovation for decarbonizing the shipping sector.
The EU-Catalyst Partnership, comprising the European Commission, Breakthrough Energy Catalyst, and the European Investment Bank (EIB), has committed support to this transformative venture. Breakthrough Energy Catalyst, a unique collaborative model fostering public-private partnerships for climate technologies, will acquire a 15% equity interest in FlagshipONE. This partnership, accompanied by a grant, underlines the project’s significance and potential impact on the maritime landscape.
Funding for FlagshipONE
The funding landscape for FlagshipONE includes contributions from Breakthrough Energy Catalyst, Horizon Europe grants, and a quasi-equity investment from EIB through InvestEU. This collective support not only validates the project’s potential but also reflects a concerted effort to drive innovation in sustainable technologies.
E-Methanol production
Located in Örnsköldsvik, Sweden, FlagshipONE is slated to produce up to 55,000 tonnes of e-methanol annually. This production capacity is expected to facilitate over a 95% reduction in carbon emissions compared to conventional fossil fuels. The project aligns with Ørsted’s commitment to advancing green fuels and combating climate change.
