Tasmania-based ABEL Energy Seeks Backers for Green Methanol Production Venture
Tasmanian firm ABEL Energy is embarking on a funding campaign for its ambitious $1.7 billion Bell Bay Powerfuels project, set to revolutionize green fuels. The company aims to produce green methanol in northern Tasmania, near the Bell Bay port, primarily for powering ships.
Green Funding Drive
In a strategic move, ABEL Energy has engaged Green Giraffe Advisory to secure approximately $65 million in funding for its flagship project. This initial funding round will be instrumental in supporting the project’s preliminary works, set to take place at the site of the decommissioned Bell Bay power station.
Funding Details
Prospective investors are invited to express their interest by March 8, marking the first phase of the funding process. The advisory team will then collect non-binding offers by mid-April, with final bids expected by the end of May. ABEL aims to finalize a deal by the close of the financial year.
Project Overview
The Bell Bay Powerfuels project is designed to produce 300,000 tonnes of “green” methanol annually, starting from 2028. The production process involves utilizing renewable energy for electrolysis, producing hydrogen, and processing forestry residues through gasification to generate syngas. The combination of these elements results in the production of methanol.
Path to Realization
ABEL Energy envisions the project requiring a total investment of $1.7 billion post the final investment decision in 2025, as per current estimates. Existing backers include Spanish energy giant Iberdrola. ABEL is actively engaged in discussions with both federal and state governments to secure additional funding for this groundbreaking venture.
This funding drive marks the initial phase of what promises to be a transformative project in the green energy sector, positioning Tasmania as a hub for sustainable and innovative energy solutions.
Source：https://www.afr.com
