Mitsubishi Corporation and Exxon Mobil Corporation have entered a Project Framework Agreement for the production of virtually carbon-free hydrogen and low-carbon ammonia in Baytown, Texas. The agreement includes discussions on Mitsubishi Corporation's offtake of low-carbon ammonia and potential equity participation in the project. The facility, expected to be the world's largest of its kind upon startup, aims to produce up to 1 billion cubic feet daily of low-carbon hydrogen and more than 1 million tons of low-carbon ammonia annually. The initiative is contingent on supportive government policies and regulatory permits, with a final investment decision anticipated in 2025 and startup in 2029. The low-carbon hydrogen and ammonia from the facility are intended to be used in Japan for various industrial purposes such as power generation and process heating. ExxonMobil's Low Carbon Hydrogen and ammonia are positioned to provide customers with a dependable source of low-carbon intensity energy adhering to high operating standards. The collaboration between ExxonMobil and Mitsubishi Corporation extends to converting part of Mitsubishi Corporation's liquified petroleum gas terminal into an ammonia terminal for transshipment to supply low-carbon ammonia to industries in Japan. Mitsubishi Corporation also plans to partner with Idemitsu Kosan Co.,Ltd. for joint equity and ammonia offtake from the Baytown facility. The joint initiative between the companies aims to accelerate the transition to clean energy in hard-to-abate sectors by developing low-carbon hydrogen and ammonia supply chains connecting the United States and Japan, contributing to a lower emission future.