Navigator Holdings Ltd., the owner and operator of the world’s largest fleet of handysize liquefied gas carriers, has made a co-investment alongside lead investor Attis Clean Energy in the clean ammonia developer Ten08 Energy LLC previously announced on May 15, 2024.
Ten08 is developing an industrial-scale hybrid blue and green ammonia production export facility on the Gulf Coast of Texas with the goal of producing the most competitively priced ammonia molecule to help decarbonize the power, shipping, fertilizer, and chemicals industries, according to a news release. The first phase, comprising 1.4 million metric tonnes per year of ultra-low carbon ammonia production, is expected to commence operations in late 2029 / early 2030.
The $2.5 million commitment by Navigator complements the development capital from lead investor Attis who made its initial investment in May of this year and is partnering with Navigator to fund development until Final Investment Decision (FID). In return for its initial investment, Navigator received an option to make a larger investment at FID of up to $100 million of preferred equity towards construction of the terminal and export infrastructure of the Project, with potential further investments in subsequent expansions.
Navigator and Ten08 intend to offer an integrated service of US-based clean ammonia production combined with international seaborne transportation of the ammonia on ammonia-powered gas carriers to Ten08’s customers in Europe and Asia.
Jean Perarnaud, Chief Executive Officer, Ten08, commented, “We are pleased to welcome Navigator as a strategic investor in Ten08. Partnering with Navigator enables Ten08 to offer an integrated solution for delivering clean ammonia to our customers. Moreover, seaborne transportation of Ten08’s ammonia on ammonia-fueled gas carriers is an essential component of our vision of becoming industry leaders on low well-to-wake carbon intensity.”
