At the helm of electrification in the maritime sector
2022 was truly an exciting year for Liquid Wind with several important milestones. During the year, our first electrofuel facility project FlagshipONE in Örnsköldsvik reached the Final Investment Decision (FID) and was sold to Ørsted. Furthermore, we partnered with two new site hosts for establishing our second and third facility: one with Sundsvall Energi and one with Umeå Energi, two power utilities located in north-eastern Sweden. With a planned production capacity of 100,000 tons of fossil-free electrofuel per year, the two facilities will have twice the capacity compared to FlagshipONE.
Growing electrofuel demand from the maritime sector
The maritime sector will need huge amounts of alternate fuel going forward. In 2022 alone, a record number of new dual fuel capable vessels and retrofit engine orders were placed. In 2021, we were looking at 73 methanol capable vessels on order ready for delivery by 2025. Early spring 2023, the number surged to 131 new methanol capable dual fuel vessels to be delivered from 2025.
The growing uptake by the shipping industry and an accelerating regulatory focus on decarbonization are two key drivers for continued growth and further project development. Our approach is based on integration and optimization of already existing and proven technologies by using our Digital Twin technology to accelerate roll-out at scale, resulting in a low-emissions and low-toxicity method for eMethanol production. Integrating our state-of-the-art technology leads to faster cost out and speed to market, reducing eMethanol costs for customers within the shipping industry.
Good position for future growth
During the year, the company has attracted new talents by increasing the number of people working at Liquid Wind from 25 to more than 40. This significant increase is necessary to deliver on our growth plans. With ambitious targets of developing multiple facilities per year, we intend to accelerate our growth in the coming years.
Claes Fredriksson, CEO and founder of Liquid Wind comments:
“Thanks to the dedicated work and spirit of our team and family of partner companies, we have made great progress in becoming the leading developer of electrofuel production facilities. I would also like to send my thanks to all our stakeholders and community for contributing to the continued progress of Liquid Wind. I am excited about what 2023 holds and look forward to sharing more updates from our progress in the coming months.”