Mabanaft is granted $13 MM in funding for the construction of a new solar methanol plant in Australia
Hamburg-based energy company Mabanaft has received a grant approval from the German Projektträger Jülich. The funding marks a crucial milestone for the potential construction of a new green methanol plant in Port Augusta, South Australia. Together with Australian renewable energy company Vast, Mabanaft is assessing to build a demonstration plant with a capacity of around 7,500 tons of green methanol per year.
In close cooperation with the project developer Vast, which specializes in concentrated solar thermal power (CSP) energy systems, energy company Mabanaft intends to build a solar methanol plant with a capacity of approximately 7,500 tons per year and a 10 MW electrolyzer. The planned demonstration plant could be operational in the beginning of 2027 and could then provide customers with green methanol based on renewable energy. In the future, and after evaluation of effectiveness, other project sites in or near Europe could be added.
Companies granted total funding of EUR 24 million
In Germany, the project is granted public funding of approximately EUR 12.4 million from Projektträger Jülich, partner to the public sector in science, business and politics. The Australian government, through the Australian Renewable Energy Agency, has pledged to support the project equivalent to approximately EUR 11.9 million after the project was selected as a part of the German-Australian Hydrogen Innovation and Technology Incubator (known as HyGATE).
Aiming for a German-Australian supply chain for green hydrogen
The initiative HyGATE intends to establish a German-Australian supply chain for green hydrogen and to strengthen cooperation between the two countries in the field of hydrogen technologies. For Germany, the initiative also has the potential to contribute to the National Hydrogen Strategy: importing sustainable energy sources and exporting climate protection technologies "made in Germany".
Green methanol can expand the range of sustainable energy solutions
For Mabanaft, the planned demonstration plant can provide increased expertise for the possible construction of similar plants on a commercial scale worldwide. The aim is to supply existing and future customers with green methanol and enable them in their commitment to decarbonization. "With access to green methanol, our range of sustainable energy solutions for our customers would continue to grow," says Philipp Kroepels, Director New Energy at Mabanaft." He continues: "The funding agreement makes a crucial recognition and validation of our decarbonization efforts and can be a strong contribution to strengthening Germany's leading role in the global energy transition."
Craig Wood, CEO of Vast said, “This is a significant milestone for Vast and for green fuel production globally. Solar Methanol produced at plants like SM1 has the potential to make a huge difference to the transport sector as it urgently looks at ways to decarbonize its fuels. The funding is a testament to Vast’s technology as well as our partners within the Solar Methanol Consortium.”
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