Indian energy producer AM Green pursues $ 1 billion funding

01 Nov 2023 CW Team

AM Green, a company specialising in hydrogen and ammonia production and owned by the founders of Indian renewable company Greenko Energy Holdings, is reportedly planning to secure approximately $ 1 billion in funding to support its expanding operations. People familiar with the situation disclosed that the firm is collaborating with an advisor to facilitate the fundraising effort, aimed at enhancing its capacity to produce green hydrogen and various chemical compounds. AM Green's objective is to establish a production capacity of one million tonnes per year for green methanol.

In a statement released, Singapore sovereign wealth fund GIC Pte and the renewable energy division of Malaysian state oil giant Petronas Nasional Bhd. confirmed their investment in AM Green Ammonia Holdings. According to the statement, the project is slated to generate five million tonne of green ammonia annually.

It is worth noting that discussions regarding the fundraising initiative are still ongoing, and specific details may undergo changes, as per the insiders.

The broader context indicates that green ammonia and hydrogen are anticipated to assume a significant role in various sectors such as electricity generation, shipping, and challenging-to-decarbonise industries including oil refining, chemicals, fertiliser, and steel in the years ahead. In alignment with India's goal of achieving net zero emissions by 2070, AM Green is aligning itself with industry giants like Adani Group and Reliance Industries, all of whom are making substantial investments in these advanced technologies.

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