HyOrc Corporation has moved forward with its green methanol project in Portugal after securing a long-term offtake commitment linked to the emerging marine fuel market.
The company said its Portuguese joint venture has reached a non-binding 10-year agreement with a European renewable fuels producer covering the entire output of a planned pilot facility. The agreement is subject to the finalisation of a definitive term sheet.
HyOrc said the offtake supports its strategy of supplying green methanol as a low-carbon marine fuel, as shipping explores alternatives to conventional bunker fuels in response to tightening emissions regulations.
In parallel, the company said it is engaged in discussions with energy traders and international shipping companies regarding co-funding, investment and long-term offtake associated with a future full-scale project. These talks include potential volumes in the millions of tonnes per year.
The company added that several strategic partners have indicated an intention to invest once the pilot facility becomes operational.
HyOrc said converting these agreements into binding contracts would support project financing and help scale green methanol production aimed at marine fuel applications.
