18 Nov 2021 07:00
18 November 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
Announcement made by Haldor Topsoe
President Energy (AIM: PPC), the energy company with a diverse portfolio of energy assets provides an update in relation to its subsidiary Atome Energy PLC ("Atome") which company is moving expeditiously towards the contemplated spin out from President and admission of Atome's shares to trading on AIM of the London Stock Exchange before the end of this year.
Announcement by Haldor Topsoe
President is pleased to note the text of an announcement made by Haldor Topsoe with the important information that a Memorandum of Understanding has now been signed with Atome's Icelandic subsidiary, Green Fuel ehf which will see Haldor Topsoe and Green Fuel partnering to identify efficient and scalable technologies for the production of green ammonia in Iceland and to explore other business opportunities within green ammonia.
Haldor Topsoe is a Danish Company founded in 1940 and an international leader in catalysis and process technology, specialising in carbon reduction technologies having developed Solid Oxide Electrolysis cell (SOEC) technology delivering up to 30% more green hydrogen from the same amount of renewable electricity compared to other widely available standard technologies.
The text of such announcement by Haldor Topsoe is set out below.
Haldor Topsoe and Green Fuel enter into a Memorandum of Understanding to develop scalable technologies for green ammonia
Green Fuel and Haldor Topsoe have signed a Memorandum of Understanding (MOU), which will see the companies partnering to identify efficient and scalable technologies for the production of green ammonia in Iceland.
The agreement also enables the two companies to explore other business opportunities within green ammonia.
Green ammonia will be vital for the decarbonization of hard-to-abate industries such as shipping, heavy goods transport and agriculture.
Topsoe and Green Fuels are both already active in developing green solutions to help combat the climate challenge. The two parties are now collaborating to develop viable and efficient solutions, which could serve to establish Icelandic production of green ammonia.
Topsoe develops cutting edge new technologies within green hydrogen, green ammonia, eMethanol and efuels, and Green Fuel is a hydrogen and ammonia company that intends to be at the forefront of the energy transition. Green ammonia is seen as a future fuel which will play a vital role in the decarbonization of salient industries including shipping, heavy goods transportation and agriculture.
"Iceland offers large-scale volumes of the renewable power needed from its vast hydro and geothermal resources, and we see an exciting potential for the production of clean fuels," says Tore Sylvester Jeppesen, Senior Vice President at Topsoe.
As part of its plan to produce green ammonia and green hydrogen in Iceland, Green Fuel has also secured a Letter of Intent to operate at Bakki Eco-Industrial Park in north-east Iceland.
About Green Fuel
Green Fuel is an Icelandic hydrogen and ammonia company that intends to build and operate a green hydrogen and ammonia plant in Iceland. The company plans to sell its products domestically as the market develops, as well as exporting to foreign markets. ATOME Energy PLC, a UK based entity, is the majority shareholder in Green Fuel with a 75% share. ATOME will act as a green accelerator by enabling Green Fuel to reach first production by leveraging its expertise, by providing direct funding, and mobilizing institutional investors and international lenders.
About ATOME Energy
ATOME Energy Plc is a green hydrogen and ammonia production company, an offshoot of President Energy PLC, due to join the London Stock Exchange later this year. ATOME's planned large-scale 350-megawatt projects are situated in Iceland and Paraguay, both countries having available baseload green generated electricity on tap 24/7 and available domestic-end markets with export potential in EU and Mercosur countries.
The Company has key MOUs and Co-operation Agreements already in place, with Power Purchase Agreement discussions advancing. ATOME's objective is to commence the first phase production by end 2023, ramping up to the project's full 350-megawatt capacity by mid-decade. To find out more, visit www.atomeplc.com.
About Haldor Topsoe
Haldor Topsoe is a global leader in supply of catalysts, technology, and services to the chemical and refining industries. Topsoe aims to be the global leader within carbon emission reduction technologies by 2024. By perfecting chemistry for a better world, we enable our customers to succeed in the transition towards renewable energy. Topsoe is headquartered in Denmark and serves customers around the globe. In 2020, our revenue was approximately DKK 6.2 billion, and we employ around 2,100 employees. www.topsoe.com
**
More informationUlrik Frøhlke, Media Relations Manager, Haldor TopsoePhone: +45 27 77 99 68Mail: ulfr@topsoe.com
For additional information on Atome please visit www.atomeplc.com or contact:
Contact:
ATOME ENERGY PLC | +44 (0) 20 7016 7950 |
Nikita Levine, Investor Relations | nikita.levine@atomeplc.com |
|
|
Beaumont Cornish (Nomad on Admission) | +44 (0) 20 7628 3396 |
Roland Cornish, Michael Cornish |
|
|
|
finnCap (Joint Broker) | +44 (0) 20 7220 0500 |
Christopher Raggett, Tim Harper |
|
|
|
SP Angel (Joint Broker) Richard Hail | +44 (0) 20 7409 3494 |
|
|
Blytheweigh (Public Relations) | +44 (0) 207 138 3224
|
Tim Blythe, Alice McLaren, Madeleine Gordon-Foxwell | atome@blytheweigh.com |
|
|
- Ends -
President Energy Plc Contacts :
President Energy PLC Rob Shepherd, Group FD Nikita Levine, Investor Relations
|
+44 (0) 207 016 7950 info@presidentpc.com | ||
finnCap (Nominated Advisor) Christopher Raggett, Tim Harper
| +44 (0) 207 220 0500 |
| |
|
|
| |
Notes to Editors
President Energy is an oil and gas company listed on the AIM market of the London Stock Exchange (PPC.L) primarily focused in Argentina, with a diverse portfolio of operated onshore producing and exploration assets.
The Company has operated interests in the Puesto Flores, Estancia Vieja, Puesto Prado and Las Bases Concessions, and Angostura exploration contract, all of which are situated in the Rio Negro Province in the Neuquén Basin of Argentina and in the Puesto Guardian Concession, in the Noroeste Basin in NW Argentina. Alongside this, President Energy has cash generative production assets in Louisiana, USA and further significant exploration and development opportunities through its acreage in Paraguay and Argentina.
President has as one of its subsidiaries, Atome Energy PLC , a hydrogen and ammonia production company
The Group is also actively pursuing value accretive acquisitions of high-quality production and development assets capable of delivering positive cash flows and shareholder returns. With a strong strategic and institutional base of support, including the international commodity trader and logistics company Trafigura, an in-country management team as well as the Chairman whose interests as the largest shareholder are aligned to those of its shareholders, President Energy gives UK investors access to an energy growth story combined with world class standards of corporate governance, environmental and social responsibility.
This announcement contains inside information for the purposes of article 7 of Regulation 596/2014