Yara Growth Ventures and Navigator
Holdings Ltd. lead investment round of 5.4 million EUR (around 5.7
million USD) in Azane Fuel Solutions AS ammonia bunkering startup,
to commence construction of the first of 15 bunkering
units.
OSLO and LONDON, October 25,
2023: Yara Growth Ventures AS, the venture investment arm
of Yara International ASA (together, “Yara”), and Navigator
Holdings Ltd. (NYSE: NVGS) (“Navigator”) today announced that they
have each successfully acquired a 14.5% interest in the Norwegian
startup Azane Fuel Solutions AS (“Azane”).
Azane, a joint venture between ECONNECT Energy
AS and Amon Maritime AS , both of Norway, was founded in Norway in
2020 as a company that develops proprietary technology and services
for ammonia fuel handling, to facilitate the transition to green
fuels for shipping.
Subject to customary conditions, Azane intends
to build the world’s first ammonia bunkering network, with Yara
Clean Ammonia already pre-ordering 15 units from Azane. The
investment made by Yara and Navigator is expected to enable Azane
to begin construction of its first bunkering unit for ammonia
supply in Norway, aiming to kickstart the transition to zero-carbon
fuels for maritime transportation. Future value creation for Azane
is expected to come through international expansion with its
bunkering solutions and broadening of its offerings in ammonia fuel
handling technology.
The parties anticipate that the commencement of
operations of the bunkering units will begin in Scandinavia in
2025. The total addressable market for ammonia powered ships is
estimated to equal to the entire deep sea shipping fleet of 100,000
vessels worldwide, which over time is expected to transition to
zero-carbon fuels. Currently, the world of ocean shipping accounts
for approximately 3% of global emissions.
Azane is a commercial partner of Yara Clean
Ammonia, who expects to provide clean ammonia to be stored in
Azane’s bunkering units once operational.
Stian Nygaard, Investment Director, Yara
Growth Ventures, commented:
“Currently ammonia
fuel bunkering does not exist. With this investment it is expected
to become a reality in a year, starting in Scandinavia. This is
anticipated to be a huge milestone for reducing emissions from the
shipping industry. By enabling Azane to be the first mover on
providing this key part of the infrastructure, our goal is to fill
a gap in the ammonia chain needed for fueling ships.”
Stian Nygaard is also joining the board to help
build the company as a strategic investor.
Mads Peter Zacho, Chief Executive
Officer, Navigator, stated:
“Green ammonia is
crucial to the future success of carbon free shipping, and Azane is
working to provide a solution to a clear and important gap in the
ammonia fuel value chain. Global ammonia demand is expected to
triple by 2050, with a significant part being for ship fuel.”
“In an increasingly
strong regulatory environment towards greener fuels in the shipping
industry, I am very pleased Navigator is not only making efforts to
become a more sustainable business itself, but also investing in
scale-ups that we believe can support and expedite the transition
across our industry. We look forward to strengthening our working
relationships with Yara and Azane through this partnership.”
André Risholm, Chairman, Azane,
commented:
“It will be a great
strength for our company to partner with two of the leading ammonia
players in the world, one from industry and another one from gas
shipping, both entering as strategic investors and joining the
board to help build the company. The fresh funds will help
accelerate the company’s growth ambitions in Scandinavia and
internationally. As a first mover, Azane’s bunkering solutions will
enable ship owners across the world to make the transition to
carbon free shipping by showcasing full scale commercial bunkering
projects.”
About Yara Growth Ventures Yara Growth Ventures
is the venture investment team within Yara International ASA
investing in disruptive startups in the agri-food and ammonia
industries globally to advance sustainability. Learn more
at www.yaragrowthventures.com
About Yara Yara grows knowledge to
responsibly feed the world and protect the planet. Supporting our
vision of a world without hunger and a planet respected, we pursue
a strategy of sustainable value growth, promoting climate-friendly
crop nutrition and zero-emission energy solutions. Yara’s ambition
is focused on growing a nature positive food future that creates
value for our customers, shareholders and society at large and
delivers a more sustainable food value chain.
To achieve our ambition, we have taken the lead in developing
digital farming tools for precision farming and work closely with
partners throughout the food value chain to improve the efficiency
and sustainability of food production. Through our focus on clean
ammonia production, we aim to enable the hydrogen economy, driving
a green transition of shipping, fertilizer production and other
energy intensive industries.
Founded in 1905 to solve the emerging famine in Europe, Yara has
established a unique position as the industry’s only global crop
nutrition company. We operate an integrated business model with
around 17,500 employees and operations in 60 countries, with a
proven track record of strong returns. In 2022, Yara reported
revenues of USD 24.1 billion.
ContactsMarius Wærhaug MadsenCommunication Manager, Yara
International ASAM: +47 977 23 199E:
marius.madsen@yara.com
About Navigator Navigator Holdings Ltd. is the
owner and operator of the world’s largest fleet of handysize
liquefied gas carriers and a global leader in the seaborne
transportation services of petrochemical gases, such as ethylene
and ethane, liquefied petroleum gas (“LPG”) and ammonia and owns a
50% share, through a joint venture, in an ethylene export marine
terminal at Morgan’s Point, Texas on the Houston Ship Channel, USA.
Navigator’s fleet now consists of 56 semi- or fully-refrigerated
liquefied gas carriers, 25 of which are ethylene and ethane
capable. The Company plays a vital role in the liquefied gas
supply chain for energy companies, industrial consumers and
commodity traders, with its sophisticated vessels providing an
efficient and reliable ‘floating pipeline’ between the parties,
connecting the world today, creating a sustainable tomorrow.
Navigator’s common stock trades on the New York Stock Exchange
under the symbol “NVGS”.
NavigatorAttention: Investor
Relations investorrelations@navigatorgas.com and
randy.giveans@navigatorgas.comAddress:
333 Clay Street, Suite 2480, Houston, Texas, U.S.A.,
77002Tel:
+1 713 373 6197 and +44 (0)20 7340 4850
Investor Relations / Media AdvisorsNicolas Bornozis / Paul
LampoutisCapital Link - New YorkTel: +1-212-661-7566Email:
navigatorgas@capitallink.com
About Azane Fuel Solutions Azane Fuel Solutions
is a Norway based company developing the world's first ammonia
bunkering terminal. Founded by two industry leaders with decades of
experience in shipping, gas handling and gas transfer, the company
has developed a unique technology, that can offer fast, safe, and
flexible bunkering of ammonia. Azane will help de-carbonize
shipping by developing innovative technologies for bunkering
terminals, cargo handling systems, and other ammonia fuel handling
systems.
Through the collaboration with Yara Clean Ammonia, Azane plans
to start building the world's first ammonia bunkering network in
2024, expected to be ready for first bunkering operations in 2025.
This will showcase ammonia as a carbon free, safe and reliable fuel
for the shipping industry. For more
information: www.azanefs.com
ContactsAndré RisholmChairman, Azane Fuel SolutionsM: +47
92026668E: ar@amonmaritime.com
Håkon SkjerstadCEO, Azane Fuel SolutionsM: +47 95245020E:
hakon.skjerstad@azanefs.com
Forward Looking StatementsThis press release
contains certain forward-looking statements concerning, among other
things, plans and objectives for future operations or economic
performance, and anticipated timing. In addition, Yara, Azane and
Navigator and their respective representatives may from time to
time make other oral or written statements that are also
forward-looking statements. In some cases, you can identify the
forward-looking statements by the use of words such as “may,”
“could,” “should,” “would,” “expect,” “plan,” “aim,” “goal,”
“anticipate,” “intend,” “forecast,” “believe,” “estimate,”
“predict,” “propose,” “potential,” “continue,” “scheduled,” or the
negative of these terms or other comparable terminology. These
forward-looking statements involve many risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied by such statements. With respect to Navigator
, these risks and uncertainties include but are not limited to
those set forth in the periodic reports Navigator [Gas] files with
the Securities and Exchange Commission.
All forward-looking statements included in this press release
are made only as of the date of this press release. New factors
emerge from time to time, and it is not possible for any of Yara,
Azane or Navigator to predict all of these factors. Further, none
of Yara, Azane and Navigator can assess the impact of each such
factor on their respective businesses or the extent to which any
factor, or combination of factors, may cause actual results to be
materially different from those contained in any forward-looking
statement. Yara, Azane and Navigator each expressly disclaim any
obligation to update or revise any forward-looking statements,
whether because of future events, new information, a change in
their respective views or expectations, or otherwise. None of Yara
or Navigator make any prediction or statement about the performance
of their respective common stock.
- Illustration of ammonia bunkering terminal
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