First Ammonia secures investments for Texas production facility

Successful Series B round, FID edges closer

First Ammonia has closed a successful Series B funding round, with contributions from a group of investors including Mercuria Holdings and the Tokyo-based Manies Group. The Series B funding will go directly towards the construction of First Ammonia’s production plant near the Port of Victoria, Texas. First Ammonia will deploy Topsoe’s solid oxide electrolyzer cells (SOEC) to produce electrolytic hydrogen from renewable electricity, with the plant to be designed for fluctuating operations. Hydrogen and ammonia production will ramp up and down to match the availability of renewable energy, and contribute to the stability of the local grid. First Ammonia and Topsoe have an ongoing agreement for the purchase and deployment of up to 5 GW of Topsoe’s SOEC technology.

We are excited to welcome Mercuria Holdings and the Manies Group to the First Ammonia team as we work together with our partners to decarbonize heavy industry, transport fuels, and power generation. Mercuria Holdings and the Manies Group each bring incredible networks and expertise. They will be pivotal as we build green plants from Texas to Southeast Asia, and around the world.

First Ammonia CEO Joel Moser in his organisation’s official press release, 9 Sept 2024

Through this investment, we will not be limited to the business in the private sector but will have the potential to build a medium to long-term, epic-scale platform business (green ammonia supply chain) by collaborating between the public and private sectors and involving strategic partners in Asia. With this investment, we hope to contribute to building a green ammonia supply chain through our main business of fund management.

Mercuria Holdings CEO Toshihiro Toyoshima in First Ammonia’s official press release, 9 Sept 2024

We will collaborate with offtakers mainly in Japan and promote transportation and related infrastructure development projects in the future, contributing to increasing Japan’s presence in the green ammonia business.

Manies Group CEO Hirotsugu Fujii in First Ammonia’s official press release, 9 Sept 2024

The investments bring First Ammonia closer to FID for the project. Since November 2023, Uniper has been an official project partner, and the pair will explore offtake and export options to Europe. The new Asian investments also open up the possibility for exports to the APAC region.