European Energy A/S and Mitsui & Co., Ltd., two global players in renewable energy and industrial development, have secured a green-financing bridge facility from Nordea and SMBC, backed by a partial guarantee from Denmark’s Export and Investment Fund (EIFO), to support their joint Power-to-X venture in Kassø, Denmark. The financing strengthens liquidity for the Kassø solar and e-methanol project as it progresses toward long-term project financing and continued scale-up of green fuels.
At the heart of the Kassø project is the integration of large-scale renewable power, electrolysis and advanced Power-to-X technology. Using electricity from one of Northern Europe’s largest solar parks, the facility converts renewable energy into green hydrogen via electrolysis, which is then synthesized into e-methanol — a low-carbon fuel and chemical feedstock suited for sectors that are difficult to electrify directly, such as shipping, heavy industry and certain manufacturing processes.
The Kassø plant produced its first volumes of e-methanol in May 2025 and is designed to reach an annual output of up to 42,000 tonnes, depending on operating conditions. During its official inauguration in May, the first batch of e-methanol was delivered to the Laura Mærsk, a container vessel operated by A.P. Moller – Maersk. Long-term offtake agreements are also in place with the LEGO Group and Novo Nordisk, underscoring strong industrial demand for scalable, renewable fuels and materials.
Construction of the Kassø Power-to-X facility began in 2023, directly adjacent to the solar park, which has been supplying renewable electricity to the grid since that same year. This close coupling of generation and conversion enables traceable, regionally produced renewable energy to flow straight into hydrogen and e-methanol production — a core element of European Energy’s technology platform and its approach to integrated energy systems.
The bridge financing package was arranged by Nordea and SMBC, acting as Bookrunners and Mandated Lead Arrangers, with Nordea also serving as Documentation Agent and Security & Facility Agent. EIFO’s partial guarantee reflects continued public-sector backing for large-scale Power-to-X projects that can accelerate decarbonisation while strengthening European energy resilience.
“Projects like Kassø show how renewable electricity can be transformed into low-carbon fuels and raw materials for industries that cannot rely on direct electrification alone,” said Jens Peter Zink, Deputy CEO of European Energy. “This financing supports the ongoing operation and financing of e-methanol production in Denmark and helps drive broader adoption of electrofuels together with strong partners such as Mitsui and committed offtakers including Maersk, the LEGO Group and Novo Nordisk.”
Nordea highlighted the project’s broader significance for Europe’s energy transition. “The Kassø e-methanol facility is breaking new ground and demonstrating how industrial decarbonisation can be achieved at scale,” said Peder Bach, Head of Large Corporates & Institutions Denmark at Nordea. “We are pleased to support this project and to continue expanding our green financing activities alongside trusted partners.”
EIFO also emphasized the project’s role as a benchmark for future developments. “Kassø represents exactly the type of mature, scalable Power-to-X project we aim to support,” said Peter Boeskov, CCO Large Corporates at EIFO. “With proven technology, strong ownership and secured offtake, the project lays the groundwork for scaling e-methanol and reinforcing Europe’s long-term energy security.”
As European Energy continues to expand its portfolio of renewable power, green hydrogen and e-fuel projects in Denmark and internationally, Kassø stands as a flagship example of how integrated solar, electrolysis and synthesis technologies can move from concept to commercial reality.
