The planned production unit by Power2X will, upon full development, produce up to 500,000 tons of green methanol annually. The production will be based on sustainably sourced forestry by-products and flexible green hydrogen, produced using the output from Estonia's future offshore wind energy areas, Power2X announced.

Throughout the development, construction, and long-term operation phases, the project is expected to significantly increase Estonia's GDP, creating over 2,000 construction jobs and more than 200 jobs in the supply chain and on-site, the company noted.

"The project is currently in the feasibility assessment phase and is starting the permit process," added Power2X.

Production is planned to start in 2028.

Pärnu Mayor Romek Kosenkranius stated in the company's announcement that it is very welcome that new development opportunities have opened up for the city of Pärnu due to the potential for offshore wind farms and biomass valorization. "According to Power2X's plan, the future new logistics capabilities of Pärnu County, including the Rail Baltica freight station, will be combined with our traditions in optimizing industries," he added.

According to the company, Power2X develops large-scale industrial projects focusing on hydrogen, ammonia, and methanol, with a diverse project portfolio across Europe. Power2X's operations are financially supported by CPP Investments, a global investment firm that invests the capital of the Canada Pension Plan (CPP).

--

Follow ERR News on Facebook and Twitter and never miss an update!