Atome Energy announces first electrolyser order
Atome
52.40p
15:34 15/11/24
Green hydrogen and ammonia production company Atome Energy announced its first electrolyser order in an update on Monday, confirming that its mobility division had ordered its first 1MW electrolyser from UK hydrogen and technology company CPH2.
Oil & Gas Producers
8,043.72
15:45 15/11/24
The AIM-traded firm said the electrolyser was destined for its Paraguay transport business, to be ready to start the production of ‘green hydrogen’ in the first quarter of 2023.
It said it had also signed non-binding letters of intent with CPH2, confirming their mutual intentions to collaborate on potential further orders of electrolyser units for Atome.
The two companies also agreed to investigate and discuss a potential joint venture for the future production of electrolysers in-country, to serve the Latin American market using CPH2's technology and know-how.
Atome said it expected to make further orders in due course.
The facility in Paraguay would be based in or near the capital Asuncion, using renewable power, and would be the first commercial production of green hydrogen for transport in Paraguay.
Memoranda of understanding had been signed with potential in-country transport off-takers.
“This is the first key step in Atome Mobility's development in Paraguay, near the capital Asunción, where the demand for green transport is the highest,” said chief executive officer Olivier Mussat.
“We have spent significant time evaluating various electrolyser options with the technical support of the global engineering firm Aecom.
“After a thorough due diligence, partnering with CPH2 for the supply of their 1MW electrolyser which is being manufactured in the UK, made perfect commercial and operational sense for our own project.”
Mussat said the technology had a “significant advantage” on scalability and the ability to be deployed quickly, with Atome also “impressed” by the “expertise and transparency” of CPH2’s management.
“This concrete investment will see green hydrogen production commence in Paraguay early 2023 representing the start of the decarbonisation of transport in this progressive and forward looking South American country.
“We are excited by this partnership of two British companies fully aligned strategically, with the support of the UK government, as we lead the way for green hydrogen mobility in Latin America.”
At 1150 GMT, shares in Atome Energy were down 0.12% at 83.9p.