Navigator Holdings (NYSE: NVGS) announced a joint investment with Attis Clean Energy in Ten08 Energy, a developer of a hybrid blue and green ammonia production facility on the Texas Gulf Coast.
Navigator Holdings, also known as Navigator Gas, owns and operates the world’s largest fleet of hand-sized LNG 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 and export facility on the Texas Gulf Coast with the goal of producing 1.4 million tons of ultra-low carbon ammonia annually by late 2029 or early 2030, contributing to the decarbonization of the energy, shipping, fertilizer and chemical industries.
Navigator’s $2.5 million commitment complements Attis’ development capital, which made its first investment in May. Navigator has been given the option to make a larger investment of up to $100 million in preferred stock upon the final investment decision, with the possibility of further investment in future expansions.
Navigator and Ten08 will offer an integrated service that combines clean ammonia production in the U.S. with international maritime transportation on ammonia-fueled gas tankers to customers in Europe and Asia. The initiative aims to provide low-carbon fuel for the energy and shipping industries and contribute to the decarbonization of the fertilizer and chemical industries, which is expected to significantly impact global ammonia production and reduce greenhouse gas emissions in the shipping industry.
“This investment is another example of our commitment to growth through energy infrastructure projects and provides significant support to our existing ammonia shipping business,” said Mads Peter Zacho, CEO of Navigator. “Clean ammonia is critical 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 the continued development of the clean ammonia industry.”
Navigator’s fleet includes 56 semi- and fully refrigerated LNG carriers, 25 of which can transport ethylene and ethane.
Get exclusive insights today!
Join the gCaptain Club for curated content, insider opinions, and lively community discussions.
