ATOME announced today that Baker Hughes, the global energy technology company, has subscribed £2.4m in cash for a total of 2,526,316 new ordinary shares of ATOME at a price of £0.95 per Subscription Share, representing 6.6% of the enlarged issue share capital of the company.
According to a stock exchange filing, contemporaneous with the subscription, Baker Hughes has entered into a lock-in agreement restricting the sale of any of the Subscription Shares until 31 December 2023 and ATOME has granted Baker Hughes the right of first offer to supply ATOME with compressors. The proceeds of the subscription will be used for general working capital.
In response to significant incoming market demand, ATOME is expanding its plans for the 120MW Villeta project in Paraguay to the production of green fertilizer and, in particular, Calcium Ammonium Nitrate.
ATOME is targeting the production of the world’s first industrial scale premium value green fertilizer, building on its plans for its own green hydrogen and ammonia production assets and adding a fertilizer unit, whilst still meeting its original start-up date of 2025.
This should allow ATOME to add further industrial value and capture green premium prices and profitability.
Villeta’s produce expected to be one the most cost competitive zero carbon of any fertiliser currently produced worldwide.
With a production capacity of up to 250,000 tonnes per year of CAN from 2025, the granulated green fertilizer produced at Villeta will be sold into the largest fertilizer importing markets across South America, Europe and Asia harnessing Paraguay and the region’s existing routes, waterways, and export infrastructure.
