- Production of 5 million tonnes per year of green ammonia accelerates India transition to net zero.
- New company targets first delivery of green ammonia by end of 2025.
HYDERABAD, India, SINGAPORE And Kuala Lumpur, Malaysia, October 30, 2023 /PRNewswire/ — Gentari, the clean energy division of Malaysia Petronas and AM Green, created by the founders of Greenko, today announced the signing of definitive agreements with a subsidiary of GIC to produce 5 million tonnes per year (MTPA) of green ammonia by 2030, i.e. The equivalent of approximately 1 MTPA of green hydrogen. .
The partnership will focus on the production of green ammonia at several sites in the Indiawhich is expected to accelerate efforts to achieve net zero emissions targets in India as well as on OECD markets. Green ammonia exports to major OECD markets, such as Germany, Japan, South Koreaas well as Singapore from this platform should start at the end of 2025.
The green ammonia will be produced by a unit of AM Green, known as AM Green Ammonia Holdings. After investment from Gentari, GIC and AM Green, the unit will be a fully funded platform that will invest, in phases, in the Indian regions of Andhra Pradesh, Tamil Nadu, Gujarat, Karnataka and Himachal Pradesh .
The 5 MTPA of green ammonia will be equivalent to approximately 1 MTPA of green hydrogen, or one fifth of India green hydrogen production target under the country’s National Green Hydrogen Mission and 10 percent of Europe green hydrogen import target by 2030[1].
Achieving this scale of production will place the new company among the global pioneers in large-scale, lower-cost green ammonia production.
Green ammonia production by AM Green will be supported by renewable energy supplied 24 hours a day via off-take agreements with reputable counterparties and electrolysers manufactured by another unit of AM Green (AM Green Technology & Solutions) . With its presence throughout the value chain and complementary growth drivers in place, AM Green is well placed to claim and consolidate a position at the forefront of large-scale competitive solutions aimed at decarbonizing industries and economies across the world.
AM Green will also produce green molecules such as green methanol, green caustic soda, green chlorine, biofuels and various downstream high-value green chemicals under its subsidiary AM Green Molecules. In addition, AM Green will also host a joint venture with John Cockeril of Belgium manufacture electrolyzers in its subsidiary AM Green Technology & Solutions; supply approximately 6.5 GW of electrolyzers to AM Green Ammonia by 2030.
Completion of the transaction is subject to the fulfillment of relevant and customary conditions precedent. Citigroup Global Market India Pvt. Ltd. And Cyril Amarchand Mangaldas acted as exclusive financial and legal advisor to AM Green on this transaction.
Anil Chalamalasetty: Founder, Greenko Group and AM Green, said:
“We are delighted to partner with Gentari and GIC to embark on the global low-carbon green economy. Gentari and GIC’s engagement supports Prime Minister Modi’s vision for India become a leader in the global energy transition. This strategic partnership will aim to accelerate the net zero emissions targets of various industries and several OECD economies. The continued focus on innovation combined with execution will ensure that our company, AM Green, stays ahead of others in becoming a global platform for clean energy transition solutions.”
Sushil PurohitCEO of Gentari, said:
“As Gentari expands its portfolio of clean energy solutions in Malaysia, Asia Pacific and beyond, we believe in the critical importance of industry-level collaborations that combine complementary strengths and unlock synergies. This partnership with AM Green and GIC demonstrates our commitment to accelerating the adoption of green hydrogen globally, to make an impact in the pursuit of a net zero future. In OECD, Southeast and East Asian economies, green ammonia will contribute to the decarbonization of industries such as power generation, through co-firing, as well as than maritime transport. »
About AM Green
AM Green is indirectly fully owned and controlled by the founders of HyderabadGreenko Group based – Anil Chalamalasetty and Mahesh Kolli. With its strength in renewable energy and storage as a service model and its track record in energy entrepreneurship, AM Green aims to become one of the producers of green hydrogen, green ammonia and other most competitive green molecules in the world.
In India, AM Green is developing production capacities for green molecules (green hydrogen, green ammonia, biofuels, green caustic soda, e-methanol) for decarbonization in difficult-to-reduce industries. The company will also create an international renewable energy and storage business as well as a joint venture for the manufacturing of electrolyzers with John Cockeril of Belgium.
About Gentari
Gentari is focused on providing the solutions needed to implement clean energy today and transform the way we live tomorrow. Gentari’s three initial pillars of renewable energy, hydrogen and green mobility form a comprehensive portfolio of solutions to help our customers on their decarbonization journey. Its global aspiration by 2030 is to reach 30-40 GW of installed capacity of renewable energy, up to 1.2 MTPA of clean hydrogen and more than 10% share of public charging points and the market for vehicles as a service in key countries around the world. Asia Pacific. Long term, Gentari aims to be the most valued clean energy solutions partner, creating greater impact, connecting businesses and making the journey to a net zero future possible.
About the GIC
GIC is a leading global investment company established in 1981 to secure that of Singapore financial future. As manager of that of Singapore foreign exchange reserves, GIC takes a disciplined, long-term investment approach and is uniquely positioned across a wide range of globally active asset classes and strategies. These include equities, fixed income, real estate, private equity, venture capital and infrastructure. The company’s long-term approach, multi-asset capabilities and global connectivity enable it to be an investor of choice. GIC seeks to add significant value to its investments. Based at SingaporeGIC has a global talent force of over 2,100 people across 11 key financial cities and has investments in over 40 countries.
[1] https://gh2.org/countries/india
SOURCE Greenko Group
