Navigator Gas invests in groundbreaking clean ammonia project

Navigator Holdings (NYSE: NVGS), also known as “Navigator Gas,” announced a strategic co-investment with Attis Clean Energy in Ten08 Energy, a company developing a cutting-edge hybrid blue-green ammonia production facility on the Texas Gulf Coast.

See also: Ammonia could be a way for shipping to reduce emissions

Navigator Gas is the world’s largest owner and operator of the Handysize gas fleet and a global leader in the transportation of petrochemical gases such as ethylene, ethane, liquefied petroleum gas (LPG) and ammonia. This new venture marks an important step in expanding its presence in the clean energy sector.

Ten08 Energy’s ambitious project aims to establish a hybrid blue-green ammonia production and export facility capable of producing 1.4 million metric tons of ultra-low-carbon ammonia per year by late 2029 or early 2030. The plan is to support the decarbonization of the power, shipping, fertilizer and chemical industries.

Navigator’s initial $2.5 million investment is in addition to development funding already provided by Attis, which made its first investment in May. Navigator also has the option to invest up to a further $100 million in preferred equity at the final investment decision stage, with the potential to make additional investments as the project scales.

Navigator will work with Ten08 to provide an integrated service combining clean ammonia production in the United States with global shipping using ammonia-powered gas carriers. The initiative aims to provide low-carbon fuels for the power and shipping sectors, make a significant contribution to the decarbonization of the fertilizer and chemical industries, and reduce greenhouse gas emissions from the shipping industry.

Mads Peter Zacho, CEO of Navigator, said: “This investment demonstrates our commitment to growth through energy infrastructure projects and strengthens our existing ammonia transport business. Clean ammonia is essential for the energy transition towards power generation and carbon-free transport and the Ten08 project will be key in driving the clean ammonia industry forward.”

Navigator’s fleet currently consists of 56 semi-refrigerated or fully refrigerated liquefied gas 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.