Navigator Holdings (NYSE: NVGS), known as “Navigator Gas,” announced a strategic co-investment with Attis Clean Energy in Ten08 Energy, a company dedicated to developing a state-of-the-art hybrid blue and green ammonia production facility on the Texas Gulf Coast.
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Navigator Gas, owner and operator of the world’s largest fleet of hand-sized LNG carriers, is a global leader in the transportation of petrochemical gases, including ethylene, ethane, liquefied petroleum gas (LPG) and ammonia. This new venture is a significant step in expanding its clean energy footprint.
Ten08 Energy’s ambitious project aims to build a hybrid blue and green ammonia production and export facility capable of producing 1.4 million tonnes of ultra-low carbon ammonia per year by late 2029 or early 2030. This initiative is designed to support the decarbonisation of the energy, shipping, fertilizer and chemical industries.
Navigator’s initial investment of $2.5 million complements development capital already provided by Attis, which made its first investment in May. Navigator also has the option to invest an additional up to $100 million in preferred stock at the final investment decision stage, with additional investment possible as the project expands.
In collaboration with Ten08, Navigator will offer an integrated service that combines clean ammonia production in the U.S. with global maritime transportation using ammonia-fueled gas tankers. This initiative is designed to provide low-carbon fuel to the energy and shipping industries, thereby significantly contributing to the decarbonization of the fertilizer and chemical industries and reducing greenhouse gas emissions in the shipping industry.
“This investment is a testament to our commitment to growth through energy infrastructure projects and strengthens our existing ammonia shipping business,” said Mads Peter Zacho, CEO of Navigator. “Clean ammonia is essential for the energy transition in power generation and for carbon-free shipping, and the Ten08 project will be critical to the further development of the clean ammonia industry.”
Navigator’s fleet currently consists of 56 semi- or fully refrigerated LNG carriers, 25 of which are equipped to transport ethylene and ethane. This investment in clean ammonia production is in line with the company’s broader strategy to support the global transition to low-carbon energy solutions.
