MITSUI OSK Lines has made an additional $83m investment in carbon transformation company Twelve Benefit, boosting its commitment to decarbonisation in shipping.

MOL’s US-based decarbonisation subsidiary MOL Switch had, along with Mitsui & Co, Development Bank of Japan, Advantage Partners and Toppan Global Venture Partners, invested $645m in the developer of synthetic fuels and chemicals in July 2024.

California-based Twelve has developed carbon transformation technology that turns carbon dioxide into fuels, chemicals and materials through carbon dioxide electrolysis. 

The company has two products, E-Jet —  a sustainable aviation fuel and E-Marine, which are drop-in fuels that can be used directly in existing infrastructure with up to 90% lower lifecycle emissions compared to fossil-based fuels.

E-fuels are liquid fuels produced from hydrogen and carbon monoxide, which can be made from renewable electricity, carbon dioxide and water. 

The company has sealed a partnership deal with Virgin Voyages for its marine fuel product and also has offtake agreements with Alaska Airlines, Microsoft and International Airlines Group for aviation fuel.

MOL also invested in HIF Global, which is working on a project to produce and transport synthetic fuels in September 2024.

While MOL has committed to building up an e-fuels supply chain alongside using carbon capture to help achieve the company’s decarbonisation goals.