White Summit Capital, an infrastructure investment firm, plans to invest €250 million ($267 million) to set up a green hydrogen and methanol plant in Spain. The investment will be made through HyFive, the green hydrogen subsidiary of the company, supported by European Union funds.
Amid the limited supply of green hydrogen and methanol, this investment aims to tap into the high demand for clean fuels from shippers.
The plant will be located in the port area of Gijon, in the northern part of Asturias. It will use green hydrogen and CO2 captured from industries in the vicinity to produce e-methanol. It will commence operation in 2027 and will have 50 megawatts (MW) of electrolysis capacity to make green hydrogen, feeding the production of 100,000 metric tons of green methanol every year.