World News
Yara and Navigator Holdings Invest in Ammonia Bunkering Start-Up
Yara Growth Ventures and Navigator Holdings have led the way in the latest investment round for ammonia bunkering start-up Azane Fuel Solutions.
The two companies led the investment round, which raised a total of EUR 5.4 million, Azane said in an emailed statement on Wednesday.
The firm was founded in 2020 as a joint venture between Norway's Econnect Energy and Amon Maritime, and is developing technology and services for ammonia bunkering.
"Subject to customary conditions, Azane intends to build the world's first ammonia bunkering network, with Yara Clean Ammonia already pre-ordering 15 units from Azane," the company said in the statement.
"The investment made by Yara and Navigator 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.
"Future value creation for Azane is expected to come through international expansion with its bunkering solutions and broadening of its offerings in ammonia fuel handling technology."
The firm expects its bunkering units to start operations in Scandinavia in 2025.
Ammonia is widely expected to take up a significant share of future marine energy demand because of its lack of associated carbon emissions. But further research and development work will need to be completed first looking into how its toxicity can be managed when handling it as a bunker fuel.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 579.00 | 12.50 | 633.00 | 0.00 |
| Rotterdam | 520.50 | 4.50 | 619.50 | 9.00 |
| Houston | 507.00 | 1.50 | 636.50 | 2.00 |
| Fujairah | 567.50 | 10.00 | 763.50 | 5.00 |
| Global 20 Ports Average | 591.00 | 6.50 | 726.00 | 2.50 |
| Global 4 Ports Average | 543.50 | 7.00 | 663.00 | 3.50 |
| Global Average Bunker Price | 635.50 | 8.00 | 803.50 | 2.50 |
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