Methanex Invests in Technology to Reduce Emissions at New Zealand Site by Over 50,000 Tonnes

Rhea-AI Summary

Methanex Corporation (NASDAQ: MEOH) announced a multi-million-dollar investment to enhance carbon emissions reduction at its Motunui facility in New Zealand. The upgrade to distillation technology will be implemented over the next 12 months, with an anticipated economic payback in two years. Upon completion, the project could reduce carbon emissions by over 50,000 tonnes annually, equivalent to removing 20,000 cars from the road. This initiative aligns with Methanex's commitment to sustainability and the transition to a low-carbon economy.

Positive

• Investment in emissions reduction at Motunui facility.
• Potential to reduce carbon emissions by over 50,000 tonnes annually.
• Economic payback anticipated within two years.

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• None.

VANCOUVER, British Columbia, Sept. 26, 2022 (GLOBE NEWSWIRE) -- Methanex Corporation (TSX:MX) (NASDAQ:MEOH), the world’s largest producer and supplier of methanol, is pleased to announce it has made a significant investment to reduce carbon emissions at its Motunui facility in New Zealand.

This multi-million-dollar investment will involve improving the technology in the facility’s distillation columns over the next 12 months. The efficiency improvements provide an economic payback within two years. Once completed, this project has the potential to reduce the site’s carbon emissions by over 50,000 tonnes per annum, the equivalent of taking 20,000 cars off the road.

“We’re excited to announce this new investment in our Motunui facility as a demonstration of our commitment to emissions reduction in New Zealand and globally,” said Stuart McCall, Managing Director, Methanex New Zealand. “With this new technology, we will no longer need to distill crude methanol at our Waitara Valley plant, thereby reducing our energy consumption and overall emissions.”

​​​​​​​This New Zealand project is just one of several opportunities currently being progressed by Methanex around the world to further improve the company’s environmental performance through emissions reduction.

“As the world’s largest producer and supplier of methanol, Methanex is committed to playing an active role in the transition to a low-carbon economy,” said Vanessa James, Senior Vice President, Corporate Development & Sustainability. “In alignment with commitments made in our recent Sustainability Report, we are proud to invest in emissions reduction technologies such as that at our Motunui plant, and we will continue to explore lower-carbon pathways to producing methanol across all of our global operations.”

More information on Methanex’s sustainability commitments is available in the company’s 2021 Sustainability Report or by request at the media contact below.

Methanex is a Vancouver-based, publicly traded company and is the world’s largest producer and supplier of methanol to major international markets. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol "MX" and on the NASDAQ Global Select Market in the United States under the trading symbol "MEOH". For more information, please visit www.methanex.com.

For further information, contact:

Methanex Media Inquiries
Nina Ng
Manager, Global Communications
+1-604-661-2600 or Toll Free: +1-800-661-8851

Methanex Investor Inquiries
Sarah Herriott
Director, Investor Relations
+1-604-661-2600 or Toll Free: +1-800-661-8851

FAQ

What is Methanex's recent investment about?

Methanex has announced a multi-million-dollar investment to reduce carbon emissions at its Motunui facility in New Zealand.

How much carbon emissions will Methanex's investment reduce?

The investment has the potential to reduce carbon emissions by over 50,000 tonnes per year.

What is the expected payback period for the Motunui facility upgrades?

The upgrades are expected to provide an economic payback within two years.

What does the emissions reduction at Motunui equate to?

It is equivalent to taking approximately 20,000 cars off the road.