AM Green Plans USD 1 Billion Fundraising for Green Hydrogen and Chemical Production
AM Green, a hydrogen and ammonia producer owned by the founders of Indian renewable energy company Greenko Energy Holdings, is in the process of raising approximately USD 1 billion to support its expanding operations, according to sources.
November 02, 2023. By News Bureau
The company is working with an advisor on this fundraising initiative to enhance its capacity for green hydrogen and other chemical compound production.
AM Green's ambitious goals include establishing a production capacity of one million tonnes per year of green methanol.
This development comes as Singapore's sovereign wealth fund, GIC Pte, and the renewable energy arm of Malaysia's state oil giant, Petronas Nasional Bhd, announced their investment in AM Green Ammonia Holdings. This project is set to produce five million tons of green ammonia annually.
While discussions about the fundraising are still ongoing, the details could evolve. Representatives for AM Green have not commented on the matter.
Green ammonia and hydrogen are anticipated to play a significant role in electricity generation, shipping, and industries that are challenging to decarbonize, such as oil refining, chemicals, fertiliser, and steel production.
In India, a nation aspiring to achieve net-zero emissions by 2070, AM Green joins major players like the Adani Group and Reliance Industries Ltd. in making substantial investments in these environmentally friendly technologies.
Green methanol, derived from renewable sources, is regarded as an eco-friendly energy source capable of decarbonizing transportation and serving as a low-carbon feedstock for various industrial chemicals.
AM Green, established by Anil Chalamalasetty and Mahesh Kolli, is actively developing production capabilities for multiple eco-friendly molecules, including green hydrogen, green ammonia, biofuels, green caustic soda, and e-methanol.
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