Allianz invests in Norwegian renewable ammonia production

Fuella: two plants under development

Allianz will invest €20 million in Fuella, a Norway-based project developer currently working on two renewable ammonia production projects. The minority stake will allow Allianz to invest in future Fuella projects, which will focus on the production of ammonia at key locations in Norway. Fuella locates its production projects based on several factors: ease of access to renewable electricity from Norway’s grid, efficient offtake options and easy ammonia transport routes.

Fuella is our second direct investment into green hydrogen and is building upon our most recent investment in Finnish green power-to-gas developer Ren-Gas. The investment in Fuella aligns perfectly with our overall energy transition infrastructure investment strategy and underlines the importance we attribute to green molecules for the energy transition in Europe.

Michael Pfennig, Co-Head of Infrastructure at Allianz Capital Partners in his organisation’s official press release, 27 July 2023

Norway is very well positioned for the production of green molecules. We are delighted to have Allianz as our partner in accelerating the development of our green ammonia projects. Their investment and expertise in the energy transition sector will significantly enhance our capabilities and expedite the execution of our project portfolio.

Cornel Russi, Co-CEO of Fuella in Allianz Capital Partners’ official press release, 27 July 2023

Wind & water

In the Skipavika Industrial Park on Norway’s southwest coast, Fuella is developing a 100,000 tonnes per year renewable ammonia production plant. Casale will build the ammonia plant, supplying the synthesis technology platform. Operating at full capacity by 2026, the project is targeting the maritime fuels sector (Skipavika is located in an area of heavy shipping traffic). Fuella indicates that key terms have already been agreed upon with a European energy utility for purchasing renewable ammonia from the plant. Ammonia can function as a “battery for offshore wind” with Norway targeting the development of 30 GW capacity by 2040.

We are very pleased with this partnership that enables the facility to produce carbon free fuel in close range to a major shipping hub and in outstanding synergies within the industrial park. This project has the potential to be a major enabler for the scale-up of climate friendly shipping in Norway.

Rolf Kehlhofer, Chairman of Fuella in his organisation’s official press release, 8 Dec 2021

Fuella’s other project is in Korgen, northern Norway. Located close to a hydro power plant and substation connection, the 200,000 tonnes per year plant will also be operational by 2026. The Korgen plant will target the fertiliser and shipping sectors.