MOL Clean Energy, a subsidiary of Mitsui O.S.K. Lines, and Clean Hydrogen Works announce their participation as Joint Venture shareholders in Ascension Clean Energy (ACE), a proposed large-scale clean hydrogen-ammonia production and export facility in Louisiana. ACE aims to produce 7.2 million metric tons of clean hydrogen-ammonia annually to meet the global demand for affordable, secure, and low-carbon fuels. This clean energy will play a crucial role in decarbonizing industries such as power generation, bunker fuel, heavy transportation, steel processing, and industrial applications.

"Clean hydrogen-ammonia is critical to decarbonizing the global energy market," said Tomoaki Ichida, CEO, MCE, "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.

MOL, a leading shipping company, will contribute its expertise to develop safe and sustainable solutions for shipping ACE's clean hydrogen-ammonia to global clean energy markets.

The $7.5 billion investment in ACE is expected to create 1,500 construction jobs over five years, as well as 350 permanent jobs with competitive wages. The project will also generate additional jobs and sales in Ascension Parish and Louisiana. ACE is dedicated to achieving low carbon intensity and actively managing emissions. The project shareholders prioritize transparency and collaboration with ACE stakeholders to create a project that benefits both the company and the community.

About Clean Hydrogen Works (CHW)

Clean Hydrogen Works (CHW) is a sustainable project developer and majority shareholder. They have extensive experience in integrated energy value chains and focus on low-cost, low-carbon solutions. CHW aims to meet global energy needs with secure, affordable, and sustainable clean hydrogen and ammonia. These clean energy sources will play crucial roles in decarbonizing sectors like marine, power, and transportation. Established in early 2021, CHW is led by experienced executives from top global energy companies. For more information, visit www.cleanhydrogenworks.com.

About Mitsui O.S.K. Lines (MOL)

Mitsui O.S.K. Lines (MOL) is a leading Japanese shipping company with a global presence, operating around 800 ships worldwide. MOL specializes in ocean shipping and develops social infrastructure businesses to address evolving societal needs, including environmental protection. Their diverse fleet consists of dry bulk ships, LNG carriers, car carriers, and tankers. Beyond shipping, MOL also ventures into Wellbeing & Lifestyle Businesses, encompassing real estate, cruise ships, and ferries. Their goal is to become a resilient global social infrastructure company that supports people's daily lives, fosters a prosperous future, and delivers value to stakeholders.

For more information, visit www.mol.co.jp/en/