PARIS – French transport big CMACGM is making a five-year funding fund of 1.5 billion euros ($1.5 billion) aimed toward accelerating its power transition in transport and logistics, it mentioned on Sunday.
The fund will help industrial manufacturing of recent fuels and low-emission transport options throughout the group’s companies, together with maritime, overland and air freight transport and port and logistics companies, it mentioned in an announcement.
Amongst different initiatives talked about on Sunday, the group will develop a biomethane manufacturing and liquefaction venture to supply as much as 100,000 tonnes by 2025, with the potential for doubling output by 2027, it mentioned.
CMACGM additionally referred to a joint plan introduced in June to companion power group Engie within the manufacturing of 11,000 tonnes per yr of biomethane in France beginning in 2026.
CMACGM, privately managed by the Saade household, on Friday reported second-quarter web revenue greater than doubled to $7.6 billion, additionally surpassing the primary quarter.
Its hovering earnings prompted the French authorities to name on the corporate this yr to assist to cushion inflationary pressures. CMACGM responded with transport price reductions for cargoes to France.
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