Investment brings ammonia bunkering closer

Yara International’s venture arm and Navigator Holdings have each acquired a 14.5% stake in the company, a joint venture between ECONNECT Energy and Amon Maritime founded in 2020 to develop ammonia fuel handling technology and services. The investment round totals around €5.4 million.

“Currently ammonia fuel bunkering does not exist,” said Stian Nygaard, investment director, Yara Growth Ventures.

“With this investment it is expected to become a reality in a year, starting in Scandinavia. 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.”

Azane intends to build the world’s first ammonia bunkering network, with Yara Clean Ammonia already pre-ordering 15 units.

The investment will enable Azane to begin building its first bunkering unit for ammonia supply in Norway which the parties anticipate will begin operation in 2025. International expansion and a broadening of offering is planned for the future.

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.