Ammonia energy financing update: March 2022

Amogy

Via its $2 billion Climate Pledge Fund, Amazon announced in December 2021 it would be investing in New York-based Amogy to develop ammonia-powered heavy transport solutions. Amogy is aiming to demonstrate a small vessel and large road vehicles by 2023. The Amazon announcement was quickly followed by a $1 million investment from the Empire State Development fund, allowing Amogy to expand into a new location and grow its workforce.

Haldor Topsoe

In January this year, the European Investment Bank announced it would loan Topsoe €45 million to support R&D investments. Catalysts & “innovative hydrogen technologies” are the immediate focus for Topsoe.

H2Pro

Also in January, Israel-based H2Pro announced that it had closed a successful $75 million funding round led by Yara Growth Ventures, Temasek, Breakthrough Energy Ventures, Horizon Ventures, ArcelorMittal and others. In March last year H2Pro secured $22 million in funding to begin commercialising its proprietary water splitting technology developed at Technion Israel.

Hy2gen

In February, Hy2gen closed a successful €200 million investment round, led by Hy24 with Mirova, CDPQ and strategic investor, Technip Energies. The capital will go straight into the construction of green e-fuel facilities (we’ve already explored green ammonia plants planned for Norway and Canada). The announcement also indicates Technip – a key oil & gas player – will begin to deepen its involvement in green hydrogen and ammonia:

This will further strengthen our key market positioning in green hydrogen and its derivatives. This investment confirms the consistency of our partnership choices to deliver on our strategy. We look forward to contributing our engineering capabilities and our proven project delivery expertise to the concretization and acceleration of Hy2gen projects.

Arnaud Pieton, CEO of Technip Energies in Hy2gen’s official press release, 17 Feb 2022

Jupiter Ionics

And Australia-based Jupiter Ionics has received $2 million in funding from the Australian government. Jupiter is currently developing an electrochemical synthesis module to allow renewable ammonia & fertiliser production at point-of-use.