Mitsui & Co (TYO:8031) will inject an additional $1 billion each into its US-based subsidiaries, MIT Clean Energy and MIT Clean Ammonia, to fund the Blue Point low-carbon ammonia project, bringing their capital to 10% of Mitsui's total.
Both Delaware-incorporated entities will receive phased funding through 2029 to develop ammonia production capacity targeting decarbonization markets, according to a Wednesday bourse filing.
The investment follows Mitsui's final commitment to the Texas-based project, which aims to supply 1 million tons annually of low-carbon ammonia for power and shipping.
Mitsui & Co's shares gained nearly 8% at market close.
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