Yara and Navigator Holdings Ltd. Lead Investment Into Azane Fuel Solutions To Realize World’s First Ammonia Bunkering Solution
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
Yara Growth Ventures and Navigator Holdings Ltd. lead investment round of 5.4 million EUR (around 5.7 million USD) in Azane Fuel Solutions AS ammonia bunkering startup, to commence construction of the first of 15 bunkering units.
OSLO and LONDON, October 25, 2023: Yara Growth Ventures AS, the venture investment arm of Yara International ASA (together, “Yara”), and Navigator Holdings Ltd. (NYSE: NVGS) (“Navigator”) today announced that they have each successfully acquired a 14.5% interest in the Norwegian startup Azane Fuel Solutions AS (“Azane”).
Azane, a joint venture between ECONNECT Energy AS and Amon Maritime AS , both of Norway, was founded in Norway in 2020 as a company that develops proprietary technology and services for ammonia fuel handling, to facilitate the transition to green fuels for shipping.
Subject to customary conditions, Azane intends to build the world’s first ammonia bunkering network, with Yara Clean Ammonia already pre-ordering 15 units from Azane. The investment made by Yara and Navigator is expected to enable Azane to begin construction of its first bunkering unit for ammonia supply in Norway, aiming to kickstart the transition to zero-carbon fuels for maritime transportation. Future value creation for Azane is expected to come through international expansion with its bunkering solutions and broadening of its offerings in ammonia fuel handling technology.
The parties anticipate that the commencement of operations of the bunkering units will begin in Scandinavia in 2025. The total addressable market for ammonia powered ships is estimated to equal to the entire deep sea shipping fleet of 100,000 vessels worldwide, which over time is expected to transition to zero-carbon fuels. Currently, the world of ocean shipping accounts for approximately 3% of global emissions.
Azane is a commercial partner of Yara Clean Ammonia, who expects to provide clean ammonia to be stored in Azane’s bunkering units once operational.
Stian Nygaard, Investment Director, Yara Growth Ventures, commented:
“Currently ammonia fuel bunkering does not exist. With this investment it is expected to become a reality in a year, starting in Scandinavia. This is anticipated to be a huge milestone for reducing emissions from the shipping industry. By enabling Azane to be the first mover on providing this key part of the infrastructure, our goal is to fill a gap in the ammonia chain needed for fueling ships.”
Stian Nygaard is also joining the board to help build the company as a strategic investor.
Mads Peter Zacho, Chief Executive Officer, Navigator, stated:
“Green ammonia is crucial to the future success of carbon free shipping, and Azane is working to provide a solution to a clear and important gap in the ammonia fuel value chain. Global ammonia demand is expected to triple by 2050, with a significant part being for ship fuel.”
“In an increasingly strong regulatory environment towards greener fuels in the shipping industry, I am very pleased Navigator is not only making efforts to become a more sustainable business itself, but also investing in scale-ups that we believe can support and expedite the transition across our industry. We look forward to strengthening our working relationships with Yara and Azane through this partnership.”
André Risholm, Chairman, Azane, commented:
“It will be a great strength for our company to partner with two of the leading ammonia players in the world, one from industry and another one from gas shipping, both entering as strategic investors and joining the board to help build the company. The fresh funds will help accelerate the company’s growth ambitions in Scandinavia and internationally. As a first mover, Azane’s bunkering solutions will enable ship owners across the world to make the transition to carbon free shipping by showcasing full scale commercial bunkering projects.”
About Yara Growth Ventures
Yara Growth Ventures is the venture investment team within Yara International ASA investing in disruptive startups in the agri-food and ammonia industries globally to advance sustainability. Learn more at www.yaragrowthventures.com
Yara grows knowledge to responsibly feed the world and protect the planet. Supporting our vision of a world without hunger and a planet respected, we pursue a strategy of sustainable value growth, promoting climate-friendly crop nutrition and zero-emission energy solutions. Yara’s ambition is focused on growing a nature positive food future that creates value for our customers, shareholders and society at large and delivers a more sustainable food value chain.
To achieve our ambition, we have taken the lead in developing digital farming tools for precision farming and work closely with partners throughout the food value chain to improve the efficiency and sustainability of food production. Through our focus on clean ammonia production, we aim to enable the hydrogen economy, driving a green transition of shipping, fertilizer production and other energy intensive industries.
Founded in 1905 to solve the emerging famine in Europe, Yara has established a unique position as the industry’s only global crop nutrition company. We operate an integrated business model with around 17,500 employees and operations in 60 countries, with a proven track record of strong returns. In 2022, Yara reported revenues of USD 24.1 billion.
Marius Wærhaug Madsen
Communication Manager, Yara International ASA
M: +47 977 23 199
Navigator Holdings Ltd. is the owner and operator of the world’s largest fleet of handysize liquefied gas carriers and a global leader in the seaborne transportation services of petrochemical gases, such as ethylene and ethane, liquefied petroleum gas (“LPG”) and ammonia and owns a 50% share, through a joint venture, in an ethylene export marine terminal at Morgan’s Point, Texas on the Houston Ship Channel, USA. Navigator’s fleet now consists of 56 semi- or fully-refrigerated liquefied gas carriers, 25 of which are ethylene and ethane capable. The Company plays a vital role in the liquefied gas supply chain for energy companies, industrial consumers and commodity traders, with its sophisticated vessels providing an efficient and reliable ‘floating pipeline’ between the parties, connecting the world today, creating a sustainable tomorrow.
Navigator’s common stock trades on the New York Stock Exchange under the symbol “NVGS”.
Attention: Investor Relations firstname.lastname@example.org and email@example.com
Address: 333 Clay Street, Suite 2480, Houston, Texas, U.S.A., 77002
Tel: +1 713 373 6197 and +44 (0)20 7340 4850
Investor Relations / Media Advisors
Nicolas Bornozis / Paul Lampoutis
Capital Link - New York
About Azane Fuel Solutions
Azane Fuel Solutions is a Norway based company developing the world's first ammonia bunkering terminal. Founded by two industry leaders with decades of experience in shipping, gas handling and gas transfer, the company has developed a unique technology, that can offer fast, safe, and flexible bunkering of ammonia. Azane will help de-carbonize shipping by developing innovative technologies for bunkering terminals, cargo handling systems, and other ammonia fuel handling systems.
Through the collaboration with Yara Clean Ammonia, Azane plans to start building the world's first ammonia bunkering network in 2024, expected to be ready for first bunkering operations in 2025. This will showcase ammonia as a carbon free, safe and reliable fuel for the shipping industry. For more information: www.azanefs.com
Chairman, Azane Fuel Solutions
M: +47 92026668
CEO, Azane Fuel Solutions
M: +47 95245020
Forward Looking Statements
This press release contains certain forward-looking statements concerning, among other things, plans and objectives for future operations or economic performance, and anticipated timing. In addition, Yara, Azane and Navigator and their respective representatives may from time to time make other oral or written statements that are also forward-looking statements. In some cases, you can identify the forward-looking statements by the use of words such as “may,” “could,” “should,” “would,” “expect,” “plan,” “aim,” “goal,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue,” “scheduled,” or the negative of these terms or other comparable terminology. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. With respect to Navigator , these risks and uncertainties include but are not limited to those set forth in the periodic reports Navigator [Gas] files with the Securities and Exchange Commission.
All forward-looking statements included in this press release are made only as of the date of this press release. New factors emerge from time to time, and it is not possible for any of Yara, Azane or Navigator to predict all of these factors. Further, none of Yara, Azane and Navigator can assess the impact of each such factor on their respective businesses or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. Yara, Azane and Navigator each expressly disclaim any obligation to update or revise any forward-looking statements, whether because of future events, new information, a change in their respective views or expectations, or otherwise. None of Yara or Navigator make any prediction or statement about the performance of their respective common stock.
AttachmentTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
798 Launches Folk Culture Sector of Square Art Festival, 110,000+ Visitors Reached During the Chinese New Year Vacation24.2.2024 03:00:00 CET | Press release
BEIJING, Feb. 24, 2024 (GLOBE NEWSWIRE) -- 798 Art District announces today that the Folk Culture Sector of the 798 Square Art Festival will launch on February 24, 2024, at the CONCERTED SQUARE of 798 Art District in Beijing. This sector aims to bridge contemporary art with urban and rural folk culture. Visiting 798 during the Lantern Festival, you can experience the power of contemporary art intertwined with traditional folk customs and enjoy the familiar yet strange world of Chinese local culture. Event Poster February 24 is the Lantern Festival in China, and it marks the end of the Chinese New Year festivities. The New Year vacation in 798 was full of lively atmosphere. Throughout the Spring Festival, 15 exhibitions were ongoing in 798, including the Joy Art Museum's "Joy in the Year of the Dragon", IOMA Art Center's "Dragon Roaming the World and Prospering", MOCUBE's "Upon Arrival of Dragon", and Le Rime Gallery's "Jia Chen Mountain Chronicle". Based on statistics, there were over
Alvotech and Teva Announce U.S. Approval of SIMLANDI® (adalimumab-ryvk) injection, the first interchangeable high-concentration, citrate-free biosimilar to Humira®24.2.2024 02:15:00 CET | Press release
SIMLANDI is the first citrate-free, high-concentration biosimilar to be designated interchangeable to Humira in the U.S. SIMLANDI is the first biosimilar approval under the strategic partnership between Alvotech and Teva in the U.S. market SIMLANDI will qualify for interchangeable exclusivity in the U.S. for some concentration strengths Alvotech (NASDAQ: ALVO) and Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA), today announced that the U.S. Food and Drug Administration (FDA) has approved SIMLANDI (adalimumab-ryvk) injection, as an interchangeable biosimilar to Humira, for the treatment of adult rheumatoid arthritis, juvenile idiopathic arthritis, adult psoriatic arthritis, adul Alvotech (NASDAQ: ALVO) and Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA), today announced that the U.S. Food and Drug Administration (FDA) has approved SIMLANDI (adalimumab-ryvk) injection, as an interchan
Transactions with shares and linked securities in Genmab A/S made by managerial employees and their closely associated persons23.2.2024 23:50:47 CET | Press release
Company Announcement COPENHAGEN, Denmark; February 23, 2024 –Genmab A/S (Nasdaq: GMAB) - In accordance with Article 19 of Regulation No. 596/2014 on Market Abuse and Implementing Regulation 2016/523, this document discloses the data of the transactions made in Genmab A/S (Nasdaq: GMAB) by managerial employees and their closely associated persons. The company’s managerial employees and their closely associated persons have given Genmab A/S power of attorney on their behalf to publish trading in Genmab shares by the company’s managerial employees and their closely associated persons. Please find below a statement of such trading in shares issued by Genmab A/S 1.Details of the person discharging managerial responsibilities / person closely associateda)NameJan G. J. van de Winkel2.Reason for the notificationa)Position/statusPresident & Chief Executive Officerb)Initial notification/AmendmentInitial notification3.Details of the issuer, emission allowance market participant, auction platform,
Grant of Restricted Stock Units to Management and Employees and Grant of Warrants to Employees in Genmab23.2.2024 23:35:31 CET | Press release
Company Announcement COPENHAGEN, Denmark; February 23, 2024 –Genmab A/S (Nasdaq: GMAB) announced today that the board decided to grant 418,646 restricted stock units to members of management and employees of the company as well as the company's subsidiaries and 316,899 warrants to employees of the company and the company's subsidiaries. Each restricted stock unit is awarded cost-free and provides the owner with a conditional right to receive one share in Genmab A/S of nominally DKK 1. The vesting of the restricted stock units granted to the members of executive management will, with the exception of deferred annual cash bonus, be subject to forward looking performance criteria and consequently represent the maximum opportunity available if the performance targets have been significantly exceeded. The fair value of each restricted stock unit is equal to the closing market price on the date of grant of one Genmab A/S share, DKK 2,013. The restricted stock units will vest on the first ban
Karate Combat 46 to enhance Dubai’s standing as a leading sports tourism destination23.2.2024 20:00:38 CET | Press release
KC46 will be held on Saturday 20 April First professional sports league gamified by a blockchain access token DUBAI, United Arab Emirates, Feb. 23, 2024 (GLOBE NEWSWIRE) -- Karate Combat, the world’s premier full-contact professional striking league, has partnered with Dubai Department of Economy and Tourism (DET) and Dubai Sports Council (DSC) to bring Karate Combat 46 (KC46) to the emirate this spring. Expected to be the league’s biggest event to date, KC46 is collaborating with TOKEN2049 for a Saturday 20 April event. As part of the collaboration KC46 will be part of the official programme of TOKEN2049 Week Dubai, giving conference attendees the opportunity to witness one of the world’s most innovative sports leagues through special tickets and the opportunity to meet event ambassadors at the conference. KC46 will be announced by UFC Hall of Famers Georges St-Pierre (GSP) and Bas Rutten, alongside Mike Majlak, author and co-host of the Impaulsive podcast. Karate Combat is the first