PRESS RELEASE: ABEL Energy accelerates Townsville Green Methanol Facility to supply Singapore MPA with Green Shipping Fuel

TOWNSVILLE, QUEENSLAND, AUSTRALIA, March 14, 2024 — ABEL Energy is accelerating the potential construction of a $1.7 billion methanol manufacturing
plant on 16-22 hectares of land at the Cleveland Bay Industrial Park located in the Townsville State
Development Area to produce 400,000 tonnes per annum of green methanol.
ABEL Energy completed the Singapore Port MPA tender for the supply of Green Methanol and was
pleased to hear the recent news from Hon PM Albanese that A Green and Digital Shipping Corridor
is being established, which will help decarbonise and digitalise shipping routes between Singapore
and Australia.

Both countries formalised their cooperation on establishing a Green and Digital Shipping Corridor
by signing a Memorandum of Understanding (MoU) on 5 March 2024.

ABEL Energy is seeking to export green methanol through the Port of Townsville and provide
green methanol marine bunkering facilities on Port land. This would also include supporting
infrastructure such as storage tanks, loading and unloading facilities, and pipelines.

ABEL Energy’s current flagship project is Bell Bay in Tasmania. A MoU has been signed between
Port of Melbourne, Maersk, ANL, Svitzer, Stolthaven Terminals, HAMR Energy and ABEL Energy
to explore the commercial feasibility of establishing a green methanol storage and bunkering
hub at the Port of Melbourne. They are now looking to enter a similar arrangement with the Port
of Townsville.

ABEL Energy CEO Michael van Baarle said:

“ The Townsville project would seek to replicate the company’s flagship project, Bell Bay
Powerfuels in Tasmania. “ABEL’s green methanol production process uses 100 per cent
renewable power, fresh water and biomass residues. Our production site in Bell Bay – and
the one planned for Townsville – is clean in operation with virtually zero greenhouse gas
emissions, water emissions or waste discharge.

“ Townsville poses an ideal location for our second green methanol production facility
due to the availability of wind and solar energy, along with the large amount of readily
available biomass in the forms of sugar cane waste, invasive pest species prickly acacia
and woodchip.”

ABEL is finalising a feasibility assessment for the Townsville Project. A final investment decision would
be by the end of 2027, with operations commencing in 2029.

Memorandum of Understanding

ABEL Energy and the Port of Townsville have signed a Memorandum of Understand (MOU) with the
following purpose:

(i) undertaking investigations required to assess the feasibility of the Project.
(ii) assessing and analysing the green methanol market including customer segments
(identification of bunkering customers, market leading customers with alternate fuel
strategies, high level vessel fuel conversion studies and suitability assessment to local
vessel fleet).
(iii) defining the optimal land size, tank storage and bunkering options, enabling infrastructure
requirements, transport options, and safety considerations for the Project.
(iv) undertaking agreed Work Packages to evaluate the feasibility of the Project.
(v) cooperatively working together with the intent to reach a Heads of Agreement to further advance the Project.

ENDS