Clean Hydrogen Works Awards McDermott FEED Contract for Ascension Clean Energy (ACE) Project [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance
front-end engineering and design (FEED) contract for the Ascension Clean Energy (ACE) Project. The project is jointly developed by CHW with strategic shareholders ExxonMobil, Mitsui O.S.K. Lines , and Hafnia. Located in Ascension Parish, Louisiana , the ACE Project will initially produce 2.4 million metric tons per annum (MTPA) of clean ammonia, with expansion in subsequent phases to 7.2 MTPA. With carbon capture and sequestration (CCS) contracts with ExxonMobil, regulatory approvals expected by early 2025, off-take in advanced discussions and Goldman Sachs as Financial Advisor, the ACE Project is expected to reach Final Investment Decision (FID) by late 2025 and start production in 2029. Johnny Cook , CHW Senior Vice President of Engineering, Procurement and Construction (EPC) commented, "We are thrilled to partner with McDermott, a company renowned for its extensive experience in mega module construction, demonstrated by a remarkable track record of on-time, on-budget execution
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