Transport group CMA CGM launches $1.5 billion energy fund

PARIS (Reuters) – French transport large CMA CGM is making a five-year funding fund of 1.5 billion euros ($1.5 billion) aimed toward accelerating its power transition in delivery 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 delivery 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 challenge to provide as much as 100,000 tonnes by 2025, with the opportunity of doubling output by 2027, it mentioned.

CMA CGM additionally referred to a joint plan introduced in June to associate power group Engie within the manufacturing of 11,000 tonnes per yr of biomethane in France beginning in 2026.

CMA CGM, privately managed by the Saade household, on Friday reported second-quarter internet 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. CMA CGM responded with delivery charge reductions for cargoes to France.

(Reporting by Sybille de La Hamaide; Modifying by David Goodman)