With both companies having completed a joint concept study in November 2021,the 50,000m3-class vessel underwent a Hazard Identification Study (HAZID)*2 and was designed using tank pressure specifications for larger vessels in the future.
The partners are working with a MOL-invested company, Norway-based Larvik Shipping AS, to advance the joint development project.
By utilising the AiP to work to develop various technologies, including LCO2 vessels, the companies plan to build a carbon capture, utilisation and storage (CCUS) value chain, part of the MOL Group Environmental Vision, under which MOL aims to achieve Net Zero greenhouse gas emissions by 2050.
Through a growth strategy known as ‘Marine Future Stream’, MHI Group aims to decarbonise the maritime economy by using renewable energies and carbon recycling.