Shipping company MOL Clean Energy, a subsidiary of Mitsui O.S.K. Lines, is now a joint venture (JV) shareholder of proposed clean hydrogen-ammonia production and export facility Ascension Clean Energy, the company announced in a June 14 press release.

The project, based in Ascension Parish, Louisiana, is expected to produce 7.2 million metric tons per year (mtpy) of clean hydrogen-ammonia to decarbonize hard-to-abate sectors, including power generation, bunker fuel, heavy transportation and steel processing. The facility will capture up to 98% of CO2 emissions from its processes and manage upstream CO2 and methane emissions to achieve the world’s lowest lifecycle carbon intensity.

MOL is joining the project as a JV partner with majority shareholder, Clean Hydrogen Works LLC, along with Denbury Inc. and Hafnia. $7.5 billion is expected to be invested into the project.

MOL will develop solutions to ship the facility’s hydrogen-ammonia product to global clean energy markets. Denbury is a carbon solutions provider and Hafnia is an oil tanker owner and operator.

“With this innovative project, MOL is investing not only for our future growth, but also helping promote the development and adoption of clean hydrogen-ammonia within our fleet and customer base,” Tomoaki Ichida said, CEO of MCE.