Arcadia eFuels has now signed an agreement for a grant from the EU Innovation Fund for the planned PtX plant on Masnedø near Vordingborg.
The project, known as ENDOR, already received a commitment for support in December. With the signed agreement, the support is now formalised and brings the project a step closer to realisation.
- We are proud and honoured to be selected under the EU Innovation Fund. The selection process is demanding and places great demands on technology, economy, and operations, says Martin Nielsen.
The support covers a partial amount of the total investment and will only be disbursed when the project achieves full financing. It is not clear how much support the project has received. However, support from the EU Innovation Fund varies significantly. In previous projects, grants have ranged from around 200 million DKK to over 2 billion DKK for the largest industrial plants.
Billion project on Masnedø
Arcadia is planning to construct a full-scale Power-to-X plant that will produce synthetic aviation fuel, known as e-SAF.
The plant is expected to have an annual production of 80,000 tonnes and will also produce eNaphtha for, among other things, transport and the chemical industry. The total investment is estimated at around 15 billion DKK if the entire project is realised.
The production will be based on green electricity, where hydrogen is produced and combined with CO2 to create aviation fuel on an industrial scale. The location on Masnedø has been chosen for access to the port, so both raw materials and finished products can be transported efficiently.
Selected in tough EU competition
The project has been selected among 61 projects in an EU pool of 2.9 billion euros, which aims to promote the development of green technologies.
According to the European Commission, the projects are expected to collectively reduce emissions by 221 million tonnes of CO2 equivalents over the first ten years.
With the agreement in place, Arcadia eFuels is moving forward towards a final investment decision in collaboration with partners and financial actors.
