Denmark-headed developer of solar and wind farm projects, European Energy A/S has announced that it has signed an agreement to acquire a minority stake in compatriot Power-to-X startup REintegrate ApS. The move will give European Energy "a say in the development and construction" of e-methanol plants both in Denmark and internationally.
An error occurred
On your profile you can see what subscriptions you have access to and more information.
Is some of the information wrong – please contact our customer service.
Please reload the page
Do you want to read the whole article?
- Six editions per year
- Full access to all digital content
- The E-magazine Bioenergy international
- And more ...
According to a statement, European Energy signed an ownership agreement with Reintegrate on November 30, 2020, just days after Circle K Danmark, the Danish arm of Canada-headed global fuel retailer and forecourt convenience store Circle K, announced its 50 million litre e-methanol offtake intention. European Energy becomes a minority owner of REintegrate and joins the management at the same time.
As such, Denmark now gets its first total Power-to-X production: made from locally sourced Danish green electricity, produced by a Danish company, and to be sold into the Danish market.
REintegrate has already established itself as the first Danish company that on a commercial basis can produce green fuel using green electricity and carbon dioxide (CO2) from Danish biogas plants.
The investment enables us to realize our ambition to produce e-methanol on a large scale and thereby contribute to Denmark getting started on the green transition of the transport sector and chemical industry. It also gives us the opportunity to get our company closely connected to a central, European player in the green transition, said Lars Udby, CEO of REintegrate.
According to Knud Erik Andersen, CEO of European Energy, the agreement between European Energy and REintegrate will not only pave the way for more Power-to-X plants around Denmark but also outside Denmark’s borders.
Our involvement in REintegrate will not only make it possible to ensure the rollout of more Power-to-X plants around Denmark but also export the technology to all our solar parks and wind farms throughout Europe, said Knud Erik Andersen.
Andersen pointed out that the investment is the company’s first – but not the last – financial contribution to the vision of connecting sectors to the green transition shared by not only the Danish government and energy sector but also the European Commission among others.
Future Power-to-X is subsidy-free
The development of green fuels is still at an early stage, and the first small steps in the development of a real Power-to-X industry require close cooperation with all actors – including the state – in order to accelerate its development.
However, all three companies REintegrate, European Energy and Circle K consider it to be realistic to get the prices of e-methanol so far down that in the long run no subsidies will be required.
If we place our Power-to-X plants appropriately, we can supply green power to the Power-to-X systems with minimal use of the grid. This should make it possible to ensure cheap green power that enables competitive Power-to-X products, said Knud Erik Andersen.
European Energy has previously announced possible site locations for Power-to-X projects in Denmark including the former coal power plant site at Stigsnæs as well as Kalundborg and Kassø by Aabenraa where the company is actively developing major solar and wind farm projects.
