ACME to Build $1 Billion Green Methanol Capacity for Supply to Mitsubishi Gas Chemical.

ACME Group has signed a binding long-term agreement with Japan's Mitsubishi Gas Chemical (MGC) to supply 100,000 tonnes of green methanol annually from its upcoming plant in Paradip, Odisha, under an investment of about $1 billion, the company said recently.

The green methanol will be used as marine fuel, marking what the company described as India's first large-scale global partnership for green marine fuel and one of the country's biggest commercial milestones in the emerging green hydrogen-derived export industry.

The agreement was announced alongside the 16th India-Japan Annual Summit, held during Japanese Prime Minister Sanae Takaichi's three-day visit to India, where the two countries identified clean energy, resilient supply chains and economic security as key pillars of their Special Strategic and Global Partnership.

Green methanol is produced by combining green hydrogen with captured carbon dioxide. Unlike hydrogen or ammonia, it can be transported, stored and bunkered using existing fuel infrastructure with relatively modest modifications, making it one of the most commercially viable low-carbon fuel alternatives for the global shipping industry.