Azane closer to bringing green ammonia bunkering to the market

Azane Fuel Solutions has received additional funds to start building the first of 15 units in its previously announced ammonia bunkering network.

PHOTO: Container ship sailing at sea. Getty Images

Based in Norway, the project aims to deliver green ammonia to the shipping industry.

The first pre-order for 15 bunkering units was placed by Yara Clean Ammonia. These units are slated to become operational in 2025 and be located across Scandinavia. 

The additional funding came in from Yara Growth Ventures and Navigator Holdings in an investment round of €5.4 million (around $6 million).

“The fresh funds will help accelerate the company’s growth ambitions in Scandinavia and internationally,” Azane’s chairman André Risholm said.   

Global demand

Yara has predicted global ammonia demand to grow sharply in the coming decades. It pegged ammonia demand at about 184 million mt in 2021 and expects it to almost triple to 470 million mt by 2050. Around 39% of this demand will come from ships, an entirely new outlet for ammonia producers like Yara.  

“Global ammonia demand is expected to triple by 2050, with a significant part being for ship fuel," said Navigator’s chief executive Mads Peter Zacho.

By Manjula Nair

Please get in touch with comments or additional info to news@engine.online