Press Release
C2X to build large-scale green methanol
production for multiple industries
Date C2X is a new, independent company aiming to build, own and operate assets to produce
14 September 2023 green methanol at scale. C2X is backed by A.P. Moller Holding, following a successful
fundraising, and plans to have annual production capacity of more than three million
Copenhagen, Denmark tonnes by 2030.
For further information
Mika Bildsøe Lassen Methanol is one of the most traded chemical commodities globally and is a fundamental
[email protected] building block in many everyday products including plastics, glues, textiles, and other
+45 2055 2655 applications. However, the methanol used today is almost exclusively made from fossil
fuel sources, with natural gas and coal being the most common feedstocks. This can be
www.c2xglobal.com directly replaced by new supplies of green methanol made from e-methanol, based on
renewable energy, or bio methanol from agricultural and forestry byproducts.
Furthermore, based on new engine technology, green methanol can also be used as fuel
to reduce fossil emissions in hard-to-abate industries such as long-distance shipping.
Replacing the existing use of fossil methanol with green methanol, and also meeting the
growing demand from the use of green methanol as a fuel, requires a step change in the
global production capacity of non-fossil methanol. Towards 2050, the annual demand for
methanol could triple to some 300 million tonnes, with the majority being green
methanol. C2X is addressing this challenge through investments in large-scale green
methanol production facilities and aims to support a variety of customers in the
chemicals and shipping sectors who need green methanol to deliver their own green-
house gas emission reduction targets.
“There is a pressing environmental requirement to scale the production of green
methanol. C2X was founded to enable the energy transition in several hard to abate
industries, including plastics, glues, textiles, and fuels. I am delighted to see the talented
team who have joined C2X, and the strong interest from partners and prospective
customers to support the venture’s important purpose and development,” says Robert
M. Uggla, CEO of A.P. Moller Holding.
C2X is majority owned by A.P. Moller Holding with A.P. Moller-Maersk as a 20%
shareholder, together providing a solid foundation for the company. A.P. Moller Holding
has a track record of incubating new ventures, which support the energy transition, such
as Innargi, a leading geothermal based district heating company, established in 2017,
and ZeroNorth, a SaaS platform used by more than 3,000 merchant ships to reduce
emissions in ocean-based trade, established in 2020. Both companies are experiencing
strong customer traction and have attracted external capital to fast-track their
development. A.P. Moller-Maersk has the intention to source green methanol from C2X.
C2X has a strong management team with complementary backgrounds and global
experience. Brian Davis has been appointed CEO of C2X and comes with 35 years of
energy industry knowledge at Shell and other companies spanning the entire energy
value chain, encompassing oil and gas, chemicals and electricity sectors and a track
record of driving growth within complex business environments. Brian is accompanied by
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Date Alastair Maxwell as CFO. Alastair comes with more than 30 years of banking experience
14 September 2023 from Morgan Stanley and Goldman Sachs, as well as prior CFO and start-up experience.
Copenhagen, Denmark “Our focus is on developing our own large-scale projects and selective investments into
attractive developments where we can help deliver those projects through access to our
For further information capital, expertise and commercialization. We are building on our founders’ longstanding
Mika Bildsøe Lassen relations with authorities, customers, and suppliers around the world. The green
[email protected] methanol industry is nascent and new technologies are emerging, and we will work hard
+45 2055 2655 to drive down our production costs over time. However, there is a strong customer pull
and regulatory support so we are confident that, together with our partners, we can
www.c2xglobal.com deliver at scale,” says Brian Davis, CEO of C2X.
C2X has a team of 60 people with diverse backgrounds from chemicals, renewables,
construction of mega-projects, shipping and finance. C2X will develop green methanol
from various pathways depending on specifics of the location, and is presently pursuing
large-scale green methanol projects near the Suez Canal in Egypt and the port of Huelva
in Spain, as well as other opportunities across several geographies. By 2030, the
ambition is to have a production capacity of more than three million tonnes per annum
from project opportunities in advantaged locations around the world.
About C2X
C2X is a newly founded company aiming to make a significant contribution to a fossil-
free future by accelerating the availability of green methanol in large quantities. C2X will
develop, own and operate green methanol production facilities in strategic locations,
which will serve to de-fossilise the chemical and shipping sectors. The venture is majority
owned by A.P. Moller Holding with A.P. Moller – Maersk as minority owner.
www.c2xglobal.com
About A.P. Moller Group
The A.P. Moller Group is a diversified group of industry leading companies. A.P. Moller
Holding is the parent company of the Group, investing in and building businesses with a
positive impact on society – ‘nyttig virksomhed’. www.apmoller.com
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