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(Alliance News) - Atome PLC on Wednesday reported "significant progress" at its subsidiary's Costa Rican green fertiliser project, after striking a deal with the country's state-owned power company.
Shares in the Leeds, England-based green fertiliser company rose 11% to 58.28 pence each in London on Wednesday morning.
The firm said its Central American subsidiary, National Ammonia Corporation SA, signed a collaboration pact with Costa Rican state power company Instituto Costarricense de Electricidad to "evaluate feasibility for the power supply to a green ammonia and fertiliser project."
According to Atome, the deal is a "necessary and significant first step" in securing 100% renewable baseload electricity for Costa Rica's first industrial scale green ammonia and fertiliser project.
The company now has three industrial scale green ammonia and fertiliser projects in development in Central and South America.
Chief Executive Officer Olivier Mussat said: "Within a year since the creation of NAC, thanks to the significant progress on our Villeta project and our strong local team led by Cavendish SA, we have been able to establish an excellent working relationship with ICE with the aim of building Costa Rica's first green fertiliser facility.
"There is a substantial local market for the fertiliser we intend to produce, as well as being strategically located to access global markets."
By Sabrina Penty, Alliance News reporter
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