HYDERABAD, India, SINGAPORE and KUALA LUMPUR, Malaysia, October 30, 2023 /PRNewswire/ -- Gentari, the clean energy division of Petronas (Malaysia) and AM Green, created by the founders of Greenko, today announced the signing of definitive agreements with a subsidiary of GIC to produce 5 million tonnes per year (MTPA) of green ammonia in 2030, which is equivalent to approximately 1 MTPA of green hydrogen.
The partnership will focus on the production of green ammonia in multiple locations in India, which is expected to accelerate efforts to achieve net zero emissions targets in India as well as in OECD markets. Exports of green ammonia to major OECD markets such as Germany, Japan, South Korea and Singapore are expected to begin in late 2025.
The green ammonia will be produced by a unit of AM Green, called AM Green Ammonia Holdings. Following the investment from Gentari, GIC and AM Green, the unit will be a fully funded platform that will invest, in phases, in the Indian regions of Andhra Pradesh, Tamil Nadu, Gujarat, Karnataka and Himachal Pradesh.
The 5 MTPA of green ammonia will be equivalent to about 1 MTPA of green hydrogen, which is one-fifth of India's green hydrogen production target under the country's National Green Hydrogen Mission and 10% of the target European import of green hydrogen by 2030[1].
Achieving this scale of production will place the new company among the world's pioneers in the production of ecological ammonia on a large scale and at a competitive cost.
Green ammonia production by AM Green will be supported by renewable energy supplied 24 hours a day through offtake agreements with renowned counterparts and electrolyzers manufactured by another AM Green unit (AM Green Technology
AM Green will also produce green molecules such as green methanol, green caustic soda, green chlorine, biofuels and various high value-added green chemicals in its subsidiary AM Green Molecules. Additionally, AM Green will also host a joint venture with John Cockerill of Belgium to manufacture electrolyzers at its subsidiary AM Green Technology.
The completion of the transaction is subject to the fulfillment of relevant and customary conditions precedent. Citigroup Global Market India Pvt. Ltd. and Cyril Amarchand Mangaldas have acted as exclusive financial and legal advisors to AM Green for this transaction.
Anil Chalamalasetty: Fundador de Greenko Group
"We are delighted to partner with Gentari and GIC to enter the low-carbon global green economy. Gentari and GIC's commitment supports Prime Minister Modi's vision for India to become a leader in the global energy transition. This strategic partnership will work to accelerate the net zero emissions targets of several industries and several OECD economies. The continued focus on innovation, combined with execution, will ensure that our company, AM Green, stays ahead of others and become a global platform of solutions for the transition towards clean energy.
Sushil Purohit, CEO of Gentari, stated:
"As Gentari expands its portfolio of clean energy solutions in Malaysia, Asia-Pacific and beyond, we believe in the critical importance of industry-level collaborations that combine complementary strengths and unlock synergies. This partnership with AM Green and GIC is a testament to our commitment to accelerate the adoption of green hydrogen globally, to influence the pursuit of a net zero future. In the OECD, Southeast and East Asia economies, green ammonia will contribute to the decarbonization of industries such as power generation, through co-combustion, and maritime transport.
About AM Green
AM Green is owned and indirectly controlled by the founders of the Hyderabad-based Greenko Group: Anil Chalamalesetty and Mahesh Kolli. With its strength in renewable energy and storage as a service model and its history of energy entrepreneurship, AM Green aims to become one of the most cost-competitive producers of green hydrogen, green ammonia and other green molecules in the world.
In India, AM Green is developing green molecule (green hydrogen, green ammonia, biofuels, green caustic soda, e-methanol) production capabilities for decarbonization in hard-to-abate industries. The company will also create an international renewables and storage business and a joint venture to manufacture electrolyzers with John Cockerill of Belgium.
About Gentari
Gentari is focused on providing the solutions necessary to launch clean energy today that transforms the way we live tomorrow. Gentari's initial three core pillars – renewable energy, hydrogen and green mobility – form a comprehensive portfolio of solutions to help our customers on their decarbonization journey. Its global aspiration for 2030 is to reach 30-40 GW of installed capacity in renewable energy, up to 1.2 MTPA of clean hydrogen, and more than 10% market share in public charging points and vehicles as a service in key countries in Asia -Peaceful. In the long term, Gentari aims to be the most valued clean energy solutions partner, creating greater impact, connecting businesses and enabling the journey towards a net zero future.
About GIC
GIC is a leading global investment company established in 1981 to secure Singapore's financial future. As manager of Singapore's foreign exchange reserves, GIC adopts a disciplined, long-term investment approach and is uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital and infrastructure. The company's long-term focus, multi-asset capabilities and global connectivity allow it to be an investor of choice. GIC seeks to add significant value to its investments. Headquartered in Singapore, GIC has more than 2,100 professionals in 11 key financial cities and has investments in more than 40 countries.
[1] https://gh2.org/countries/india
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