Mitsui O.S.K. Lines (MOL), one of the world’s top shipping companies, has become the latest shareholder in Ascension Clean Energy (ACE), a proposed world-scale, clean hydrogen-ammonia production and export facility in Ascension Parish, Louisiana.

Specifically MOL Clean Energy US (MCE), a subsidiary of MOL and Clean Hydrogen Works made this strategic move to announce MCE as a Joint Venture shareholder in Ascension Clean Energy.

Other shareholders are Clean Hydrogen Works, the project’s majority shareholder, Denbury Carbon Solutions, a world-leading carbon solutions provider with more than two decades of successfully managing carbon dioxide (CO2), and Hafnia, one of the world’s leading oil product tanker owners and operators.

Known as the Ascension Clean Energy project, the facility is expected to produce 7.2 million metric tons of clean hydrogen-ammonia annually, which will help meet the rapidly emerging demand for affordable, secure, and low-carbon fuels and feedstock around the world.

With a projected investment of $7.5 billion, ACE is expected to generate approximately 1,500 construction jobs over five years and 350 permanent, full-time jobs with an annual average wage of more than $116,000, once fully operational.

ACE is expected to create an additional 626 jobs in Ascension Parish, along with nearly $2.2 billion in new sales in firms across Louisiana, as MOL reports.

Ascension Clean Energy is committed to achieving among the world’s lowest lifecycle carbon intensity by capturing up to 98% of CO2 emissions from its processes, as well as actively managing upstream CO2 and methane emissions.

“Clean hydrogen-ammonia is critical to decarbonizing the global energy market,” said Tomoaki Ichida, CEO of MCE, the joint venture of MOL and Clean Hydrogen Works.

“With this innovative project, MOL is investing not only for our future growth, but also helping promote the development and adoption of clean hydrogen-ammonia within our fleet and customer base,” Ichida added.