Americas News
Emvolon Signs Green Methanol Offtake Contracts
Technology company Emvolon has started to sign deals to sell biomethanol to customers including shipping firms.
Following the recent announcement of a field pilot with Montauk Renewables, the company has now signed two offtake agreements, it said in a press release this week.
The firm is a spin-off from MIT, using proprietary technology developed by MIT researchers to use biogas as a feedstock in methanol production.
Oberon Fuels has agreed to buy green methanol produced by Emvolon over five years, and SAFE Bulkers has signed a deal for green methanol supply to two of its vessels designed to run on the alternative fuel.
Shipping company Dorian LPG is also an investor in the firm.
"According to the EIA and EPA, more than 1,000 billion cubic feet of methane gas per year is emitted into the atmosphere as a greenhouse gas, because historically, there's been no way to economically utilize that waste stream," Dr. Emmanuel Kasseris, co-founder and CEO of Emvolon, said in the statement.
"Emvolon can directly address the harmful emissions and wasted resources of methane coming from landfills, water treatment plants, farms and industrial operations.
"Our modular units reduce the cost of converting waste into sustainable resources, offering the ability to generate up to $27 billion in green fuel sales while eliminating 1.2 gigatonnes of CO2 emissions."
