Navigator Gas have announced entry into an investment alongside Yara Growth Ventures AS, a subsidiary of Yara International, in which Navigator and Yara will each acquire a 14.5 percent interest in AZANE Fuel Solutions AS, the world’s first provider of ammonia bunkering solutions, based in Norway.
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. Azane intends to build the world’s first ammonia bunkering network, with Yara Clean Ammonia, one of the largest ammonia players globally, already pre-ordering 15 units from Azane.
Navigator’s investment of EUR 2.7 million 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, while future value creation is expected to come through international expansion with its bunkering solutions and broadening of its offerings in ammonia fuel handling technology.
Mads Peter Zacho, CEO of Navigator, commented, “Global ammonia demand is expected to triple by 2050, with majority of that need 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.”
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 fuelling ships.”
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.”
For more information visit www.navigatorgas.com
