21 December 2022 (Lloyd's List) - ØRSTED, a Danish renewables giant, has bought out the largest green e-methanol project in Europe. The power company bought the remaining 55% stake it does not already own in FlagshipONE from renewable energy specialist Liquid Wind, the original developer of the project. FlagshipONE, which is located in Örnsköldsvik, in northern Sweden, is expected to produce around 50,000 tonnes of e-methanol for marine fuel each year when it starts operation in 2025. Ørsted, which bought a 45% stake from Liquid Wind at the start of this year, said the plant was an important stepping stone towards its aim of taking a leading position in renewable hydrogen and green fuels, according to a statement. The company is also developing the 300,000-tonne Project Star in the US Gulf Coast area and the Green Fuels for Denmark project, in Copenhagen, which will both produce significant volumes of e-methanol to enable the decarbonisation of shipping. “Now, more than ever, the world needs bold green energy projects to fight climate change, decarbonise hard-to-electrify sectors, and secure regional energy independence,” said Ørsted chief executive Mads Nipper. “E-methanol is the best solution currently available to decarbonise hard-to-electrify sectors like global shipping, and with this first commercial-scale project, Ørsted will break first ground in advancing our industry-leading pipeline of e-methanol projects.” Green fuels for shipping currently come at a price premium compared with fossil-based alternatives, and the industry needs supportive regulation to incentivise demand and to drive the maturation of green fuels at scale and at speed, Ørsted said, adding that regulatory action that matches the ambitions of developers and shipping companies is needed.