TIDMPPC
RNS Number : 7406S
President Energy PLC
18 November 2021
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 information
Ulrik Frøhlke, Media Relations Manager, Haldor Topsoe
Phone: +45 27 77 99 68
Mail: 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 atome@blytheweigh.com
Gordon-Foxwell
- Ends -
President Energy Plc Contacts :
President Energy PLC
Rob Shepherd, Group FD +44 (0) 207 016 7950
Nikita Levine, Investor Relations 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
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