The expected construction start date for HIF’s Matagorda e-fuels facility has been pushed back to at least next year.
The proposed facility, which would produce 1.4 mtpa of e-methanol for the shipping industry, is waiting for rules to be developed by the International Maritime Organization, according to a news report. Company officials expect those rules will be unveiled next year, followed by a vote several months later.
“All these rules are being developed by the International Maritime Organization and they will define what those rules look like,” CEO Renato Pereira said, according to the Bay City Tribune report. “We have some ideas, but there’s lots of cooks in that kitchen. The IMO is made up of all the countries in the world that have ships and there are a lot of diverging opinions.”
Bechtel, Siemens, and Topsoe have all been engaged as EPC and technology providers. In August, HIF attracted a $36m investment from the Japan Organization for Metals and Energy Security (JOGMEC), a Japanese government agency, via Idemitsu Efuels America Corp. It also brought in a $114m investment from Idemitsu.
According to the news report, Pereira added that tax credits in the IRA are expected to provide almost $900m in financial benefits for the facility.
“We can’t get financing from the bank without those rules being finalized. We can’t have any chance of not qualifying for the hydrogen tax credit – it’s too much money. We have to be 100 percent sure we qualify to be able to secure the financing.”
