US-listed handysize liquefied gas carrier owner and operator Navigator Holdings is co-investing alongside lead investor Attis Clean Energy in the clean ammonia developer Ten08 Energy LLC.
Navigator’s contribution will be $2.5m.
Ten08 is developing an industrial-scale hybrid blue and green ammonia production export facility on the Gulf Coast of Texas.
The aim of the investment is to produce clean ammonia on the US Gulf Coast for export to cover the needs of power, shipping, fertilizer, and chemicals industries.
The first phase, comprising 1.4 million metric tonnes per year of ultra-low carbon ammonia production, is expected to kickstart in late 2029 or early 2030.
The New York-listed company’s $2.5m commitment complements the development capital from lead investor Attis who made its initial investment in May of this year and is partnering with Navigator to fund development until the final investment decision.
In return for its initial investment, Navigator received an option to make a larger investment at the final investment decision of up to $100m of preferred equity towards construction of the terminal and export infrastructure of the project, with potential further investments in subsequent expansions.
Navigator stated that it intends to facilitate transportation of the fuel to Ten08’s customers in Europe and Asia via ammonia-powered gas carriers.
Mads Peter Zacho, chief executive officer, of Navigator said that clean ammonia is crucial to the success of the energy transition for both power generation and carbon free shipping, and the Ten08 project will play a critical role in further developing the clean ammonia industry.
