Navigator Gas's Navigator LEO file photo. Image courtesy Navigator Gas
Navigator Holdings (NYSE: NVGS) has announced a co-investment with Attis Clean Energy in Ten08 Energy, a developer of a hybrid blue and green ammonia production facility on the Gulf Coast of Texas.
Navigator Holdings, also known as “Navigator Gas,” owns and operates the world’s largest fleet of handysize liquefied gas carriers and is a global leader in the seaborne transportation of petrochemical gases such as ethylene, ethane, liquefied petroleum gas (LPG), and ammonia.
Ten08 plans to develop a hybrid blue and green ammonia production export facility on the Gulf Coast of Texas, aiming to produce 1.4 million metric tonnes per year of ultra-low carbon ammonia by late 2029 or early 2030 to aid in decarbonizing the power, shipping, fertilizer, and chemical industries industries.
Navigator’s $2.5 million commitment complements development capital from Attis, who made its initial investment back in May. Navigator has received an option to make a larger investment of up to $100 million of preferred equity at the Final Investment Decision, with potential for further investments in future expansions.
Navigator and Ten08 will offer an integrated service combining US-based clean ammonia production with international seaborne transportation on ammonia-powered gas carriers to customers in Europe and Asia. The initiative aims to provide low-carbon fuel for the power and shipping industries, and help decarbonize the fertilizer and chemical sectors, significantly impacting global ammonia production and reducing GHG emissions in the shipping sector.
“This investment is yet another example of our commitment to growth through energy infrastructure projects and meaningfully supports our existing ammonia shipping business,” said Mads Peter Zacho, Chief Executive Officer of Navigator. “Clean ammonia is crucial to the success of the energy transition for both power generation and carbon-free shipping, and the Ten08 project will play a critical role in further developing the clean ammonia industry.”
Navigator’s fleet comprises 56 semi- or fully-refrigerated liquefied gas carriers, 25 of which are capable of transporting ethylene and ethane.
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