C2X LTD, a leading developer of green methanol projects, and ENEOS Corporation, Japan’s foremost energy company, have announced a combined investment of $100 million from ENEOS and existing shareholders A.P. Møller Holding and A.P. Møller – Mærsk. The transaction remains subject to customary closing conditions, including regulatory approvals.

The investment will primarily fund the final development phase of the BLRE project, a collaboration between C2X and SunGas Renewables Inc. in Alexandria, Louisiana. Once operational, BLRE will produce over 500,000 tonnes of green methanol annually and is in discussions to secure long-term offtake agreements with Maersk and other key players in the shipping, chemical, and industrial sectors.

The project will leverage SunGas’ S-1000 gasification system to convert biomass into low-carbon methanol, while capturing and permanently sequestering approximately one million tonnes of surplus biogenic CO₂ per year. This sequestration will generate high-quality, cost-competitive carbon dioxide removal (CDR) credits. The multibillion-dollar initiative is slated to begin construction in the second half of 2026, generating hundreds of direct and indirect jobs while supporting the local forestry industry by utilising biomass from closed paper mills.

The investment will also support the development of C2X’s broader portfolio, including projects in Spain, Egypt, and additional locations in the United States.

Brian Davis, CEO of C2X, welcomed the investment, stating:
“We truly appreciate the continued support of our existing shareholders and are pleased to welcome ENEOS as a significant partner. ENEOS’ market position, industry relationships, and technological capabilities will add substantial value to C2X’s portfolio. Our collaboration represents not just a strategic partnership but also a shared commitment to a more sustainable future.”

Satoru Otatsume, general manager of ENEOS’ Low Carbon Solutions Department, added:
“We are eager to partner with C2X, a pioneer in green fuels with extensive expertise and a globally competitive portfolio. The C2X team’s choice of SunGas’ leading gasification technology underpins the commercially competitive and economically attractive BLRE project. This strategic partnership will enhance ENEOS’ low-carbon activities and support the development of a world-scale green methanol business.”

Alongside its investment, ENEOS has established a strategic partnership with C2X that includes methanol offtake considerations and potential applications of SunGas’ gasification technology. Morgan Stanley acted as the exclusive financial advisor and placement agent for C2X in the capital raise.

For more information visit www.eneos.co.jp