Canadian Firm HyOrc Secures Site for Green Methanol Plant in Portugal — Forms Joint Venture With Portuguese Partner

HyOrc Inc., a Canadian clean-energy company listed on the OTCQB market, has secured an industrial site in Portugal and obtained an accelerated permitting pathway for what it describes as a first-of-its-kind green methanol production facility in the country. The announcement, made on April 8 via a press release distributed by Reuters, marks a significant step in Portugal's push to become a European hub for green hydrogen and its derivatives.

Separately, HyOrc disclosed on April 7 that it has formed a 50-50 joint venture with MO.RE.DA. Oils, a Portuguese company specialising in waste oils and circular-economy feedstocks. The partnership will develop the green methanol project jointly, combining HyOrc's proprietary conversion technology with MO.RE.DA.'s local industrial expertise and waste-oil supply chains.

What is green methanol — and why does it matter?

Green methanol is a liquid fuel produced from renewable hydrogen and captured carbon dioxide, or from sustainable biomass sources. It is increasingly seen as a leading candidate to decarbonise the global shipping industry, which accounts for roughly 3% of worldwide greenhouse gas emissions. The International Maritime Organisation's new regulations, which begin phasing in from 2027, will require ships to progressively reduce their carbon intensity — creating a fast-growing market for alternative fuels.

Maersk, the world's second-largest container shipping line, has already ordered 19 methanol-powered vessels. Other major operators including CMA CGM and MSC are making similar investments. Industry analysts estimate that global demand for green methanol could reach 15 million tonnes per year by 2035, up from less than 200,000 tonnes today.

Why Portugal?

Portugal offers several advantages for green fuel production. The country's rapidly expanding renewable energy capacity — clean sources supplied a record 80.4% of electricity in Q1 2026 — provides cheap green power for the electrolysis process that produces renewable hydrogen. Portugal's Atlantic coast also gives direct access to major shipping lanes, reducing transport costs for a product that is, by definition, destined for maritime use.

The Portuguese government has been actively courting green hydrogen investment as part of its National Hydrogen Strategy, which targets 2 to 2.5 GW of electrolyser capacity by 2030. The port of Sines, south of Lisbon, is already emerging as a focal point for several large-scale hydrogen and ammonia projects backed by European and international investors.

Accelerated permitting

HyOrc said it had obtained what it called an "accelerated permitting path" for the project, though it did not specify which regulatory framework was being applied. Portugal has introduced streamlined licensing procedures for projects classified as being of national interest or that fall under the EU's strategic net-zero manufacturing designations. The country has also been praised by the European Commission for reducing its average permitting timeline for renewable energy projects to under 18 months — one of the fastest in the bloc.

Investment timeline and scale

The company did not disclose the total investment value or the plant's expected annual production capacity. HyOrc's share price rose approximately 4% following the joint venture announcement. The project is expected to advance through final engineering and financial close in the second half of 2026, with construction potentially beginning in early 2027.

For Portugal, the project represents another data point in a growing trend of international clean-energy companies choosing the country as a production base — attracted by the renewable energy surplus, EU funding availability through the Recovery and Resilience Plan, and a government that has made green industrialisation a centrepiece of its economic strategy.