TES, Itochu Corp. team up for decarbonization efforts via e-NG
TES announced a strategic collaboration with Itochu Corporation aimed at driving forward the adoption of e-NG to decarbonize hard-to-abate sectors.
The partnership between Itochu and TES represents a major advancement in developing innovative solutions for global decarbonization through e-NG, a green molecule obtained by combining green hydrogen with biogenic or recycled CO2. Together, the companies plan to explore various avenues of cooperation, including equity participation in TES’ e-NG projects, establishment of e-NG production and marketing ventures, and engagement in regulatory affairs to bolster the development and uptake of e-NG across key regions such as North America, Europe, and Japan.
Being among Japan's top sōgō shōsha, Itochu has set targets to reduce GHG emissions by 40% from 2018 levels by 2030 and achieve net zero GHG emissions by 2050. With its expansive in-house market information, Itochu possesses the scale and insight to pursue new business opportunities effectively. This strategic advantage will significantly aid the scaling up of e-NG production and distribution. Actively seeking businesses that contribute to emission reduction, Itochu's commitment aligns seamlessly with TES' mission to establish a supply chain of e-NG to usher in a low-carbon economy.
Key areas of collaboration entail potential long-term offtake agreements to supply e-NG to low-carbon fuel users mainly in Japan, leveraging Itochu's existing investments in green hydrogen production companies. Specifically, the agreement includes exploring potential opportunities to produce and promote e-NG utilising CO2 emissions from hard-to-abate sectors in North America as well.
"This collaboration marks a significant milestone in our efforts to develop a global portfolio of e-NG projects and strategically expand into the Japanese energy market. Japan is a crucial frontier in our growth strategy for e-NG, and partnering with Itochu will undoubtedly speed up our journey to deliver reliable and affordable green molecules," stated the CEO and Co-Founder of TES, Marco Alverà.
"We embark on this journey with great enthusiasm, partnering with TES to propel the adoption of synthetic methane which aligns with our target to reduce GHG emissions by 40% from 2018 levels by 2030 and achieve net zero GHG emissions by 2050", remarked Daisuke Inoue, Executive Officer, Chief Operating Officer, Metals & Minerals Resources Division at Itochu Corporation. "Together, we are poised to unlock new possibilities, scale up e-NG production, and drive meaningful change in tackling the most challenging aspects of emissions reduction."
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