Ammonia energy financing update: March 2022

This week we explore some recent funding announcements for ammonia energy:
  • New York-based Amogy receives backing from Amazon and the Empire State Development Fund.
  • Haldor Topsoe reaches an agreement with the European Investment Bank for a €45 million loan to support R&D initiatives.
  • Israel-based H2Pro closes a $75 million funding round to develop its proprietary water splitting technology.
  • Hy2gen closes a €200 million investment round for construction of its green e-fuel facilities, including two green ammonia projects in Norway and Canada.
  • and Australia-based Jupiter Ionics receives $2 million in government funding for development of its electrochemical synthesis technology.


Singapore invests in key green ammonia projects

Singapore's sovereign wealth fund GIC has agreed to a strategic equity investment in InterContinental Energy, who are currently developing a number of green ammonia "Supergiants". GIC's announcement follows another significant green investment by Singapore, this time in Indonesia. $9 billion will fund a logistics hub in Jakarta and a number of renewable energy projects, with MoUs signed between the heads of state to cement a new focus on decarbonisation and alternative energies


JERA targets 50% ammonia-coal co-firing by 2030

Japanese government funding via NEDO will support four critical ammonia energy projects, including JERA's new plan to demonstrate 50% ammonia-coal co-firing by 2030. Other projects include improved catalysts for ammonia production, low-temperature and low-pressure synthesis pathways, and developing 100% ammonia-fed boilers and gas turbines. In addition, a new cooperation agreement between ASEAN countries will see Japan support other members to adopt their ammonia energy solutions, particularly coal co-firing.


Enova funding for three ammonia players: Yara, Horisont & Viridis

Enova - Norway's government-owned, clean energy investment enterprise - announced funding to support some key ammonia energy projects currently in progress:

1. New Funding guarantees a final investment decision for the pilot phase of electrifying Yara's Herøya (Porsgrunn) ammonia plant.

2. Horisont Energi's Barents Blue project will now participate in the Important Projects of Common European Interest (IPCEI) Hydrogen scheme.

3. And Viridis Bulk Carriers will receive a to-be-determined amount from to develop the first ammonia-powered cargo short sea bulk vessel in its future north European fleet.


H2 Challenge launched to fund hydrogen & ammonia innovation

Applications are now open for the H2 Challenge - an initiative set to identify the best hydrogen-related projects from across the globe for funding support. The Challenge is open for applications from: International startups from Pre-Seed to Series C+ stages, university teams/academia and strategic partners (established SMEs) that develop hardware and/or software solutions across multiple use cases and projects within the hydrogen value chain - Production, Transportation & Storage, End-use Applications, Carbon Capture Utilisation & Storage, or Ammonia Applications.


Uniper explores off-take of green ammonia in Oman

In December last year DEME Concessions and OQ announced their new HYPORT® Duqm green ammonia project. The 250 - 500 MW facility (in the first instance) will harness wind and solar energy to produce green ammonia, which could then be easily exported from the adjacent port. This week DEME and OQ took another step by signing a key cooperation agreement with Uniper. The global energy giant will provide engineering services and negotiate an exclusive off-take agreement of green ammonia.