MAN Energy Solutions and Malaysia-headquartered Wasco Energy have signed a deal to together promote and commercialize power-to-X projects in southeast Asia.
Power-to-X technology converts electricity into carbon-neutral synthetic fuels, gas or liquid, for use as a clean, carbon-neutral energy source. Excess renewable energy can be converted into hydrogen and stored for use when demand is high, to heat buildings, in fuel cells or for specific industry activities.
“We see a huge potential for synthetic fuels”, said Uwe Lauber, chief executive of MAN Energy Solutions.
“To advance decarbonisation, climate-neutral fuels are needed in all sectors where direct electrification via batteries is not an option – as is the case with international shipping.
Without a doubt, Power-to-X is one of the key technologies needed to generate such synthetic fuels. We are very happy to work in South-East Asia together with Wasco and build on their vast network, tremendous experience, and substantial capabilities in the region.”
Wasco Energy Group is a subsidiary of of Wah Seong Corp, a Malaysian public-listed entity. Its chief executive, Giancarlo Maccagno, said of the MAN Energy collaboration: “Both companies have a strong track record, background, and resources in developing energy projects across Asia.
“This collaboration with MAN on Power-to-X technology is in line with Wasco’s growth ambitions driven by innovation. The signing of the MOU reaffirms our commitment to deliver innovative and sustainable solutions to the market, which is the future of the energy sector,” said .
Due to travel restrictions triggered by the Covid-19 pandemic, the signing ceremony took place as a digital event with representatives from both companies participating via a live-video stream.