MHI to Participate in “CO2LOS III” Project, Aiming to Achieve Business in CO₂ Shipping -- Collaboration with Major European CCUS Players and Research Organizations Will Advance CCUS Value Chain Business --

Tokyo, November 11, 2021 – Mitsubishi Heavy Industries, Ltd. (MHI) will participate in “CO2LOS III” (CO₂ Logistics by Ship Phase  III), a project to consider issues needing to be addressed in order to achieve business in liquefied CO₂ (LCO₂) carriers. CO2LOS III is aimed at promoting the development of technologies for transporting LCO₂ by ship, as a complement to existing pipeline transport, through a partnership targeting sharing of knowledge and information necessary for understanding future needs and solutions in CO₂ transport.

Partners in the project, co-founded by the Norwegian CLIMIT-Demo programme via Gassnova, include MHI, Air Liquide S.A., BP, Brevik Engineering AS, Equinor Energy AS, Gassco AS, SINTEF, TotalEnergies and Mitsubishi Corporation. By collaborating with these leading enterprises of Europe, where decarbonization projects are robust in the area of CO₂ transport, an indispensable part of the CCUS (carbon capture, utilization and storage) value chain, MHI anticipates significant contributions to LCO₂ carrier development and market expansion.

MHI Group will contribute to building a CCUS value chain spanning land and sea by bringing to the project the full complement of its Groupwide knowledge and expertise. This includes the advanced gas handling technologies accumulated through Mitsubishi Shipbuilding Co., Ltd.’s construction of liquefied gas carriers (both liquefied petroleum gas [LPG] and liquefied natural gas [LNG]) and Mitsubishi Heavy Industries Engineering, Ltd.’s widely adopted carbon capture technologies.

CCUS and CCS (carbon capture and storage) are garnering attention today as effective means of achieving a carbon-neutral society. Within their value chains, LCO₂ carriers will play a vital role in transporting LCO₂ to storage and utilization sites, and demand for such transport vessels is projected to expand in the future.

MHI Group is currently undertaking strategic strengthening of business in the energy transition, and CO₂ ecosystem building is central to this initiative. Through its participation in CO2LOS III, the Company will continue to focus on developing and providing the technologies relating to the LCO₂ carriers necessary to CCUS value chain building, to make important contributions toward realizing the carbon-neutral society of tomorrow.