Mads Peter Zacho, Chief Executive Officer, Navigator, stated:
Green ammonia is crucial to the future success of carbon free shipping, and Azane is working to provide a solution to a clear and important gap in the
ammonia fuel value chain. Global ammonia demand is expected to triple by 2050, with a significant part being for ship fuel.
In an
increasingly strong regulatory environment towards greener fuels in the shipping industry, I am very pleased Navigator is not only making efforts to become a more sustainable business itself, but also investing in
scale-ups that we believe can support and expedite the transition across our industry. We look forward to strengthening our working relationships with Yara and Azane through this partnership.
André Risholm, Chairman, Azane, commented:
It will be a great strength for our company to partner with two of the leading ammonia players in the world, one from industry and another one from gas
shipping, both entering as strategic investors and joining the board to help build the company. The fresh funds will help accelerate the companys growth ambitions in Scandinavia and internationally. As a first mover, Azanes bunkering
solutions will enable ship owners across the world to make the transition to carbon free shipping by showcasing full scale commercial bunkering projects.
About Yara Growth Ventures
Yara Growth Ventures is the venture investment team within Yara International ASA investing in disruptive startups in the agri-food and ammonia industries
globally to advance sustainability. Learn more at www.yaragrowthventures.com
About Yara
Yara grows knowledge to responsibly feed the world and protect the planet. Supporting our vision of a world without hunger and a planet respected, we pursue a
strategy of sustainable value growth, promoting climate-friendly crop nutrition and zero-emission energy solutions. Yaras ambition is focused on growing a nature positive food future that creates value
for our customers, shareholders and society at large and delivers a more sustainable food value chain.
To achieve our ambition, we have taken the lead in
developing digital farming tools for precision farming and work closely with partners throughout the food value chain to improve the efficiency and sustainability of food production. Through our focus on clean ammonia production, we aim to enable
the hydrogen economy, driving a green transition of shipping, fertilizer production and other energy intensive industries.
Founded in 1905 to solve the
emerging famine in Europe, Yara has established a unique position as the industrys only global crop nutrition company. We operate an integrated business model with around 17,500 employees and operations in 60 countries, with a proven track
record of strong returns. In 2022, Yara reported revenues of USD 24.1 billion.