Allianz Announces Investment in Fuella, Leading Developer of Green Ammonia Production Plants in Norway

Norway: A deal has been made by Allianz Capital Partners to purchase a small stake in the Norwegian project developer Fuella AS on behalf of the Allianz insurance companies. The Company was founded in 2020 and is an independent developer of large-scale green Hydrogen and green Ammonia projects. To help the Company's project pipeline, move toward execution and to speed up company development, Allianz will contribute capital in the amount of EUR 20 million. Allianz will be able to fund Fuella's pipeline of projects within the previously agreed-upon parameters.

By leading the development of industrial-scale green Ammonia production facilities and assisting the switch to emission-free fuels in Norway and elsewhere, Fuella is at the forefront of the energy transition. Due to its relatively high energy density, good combustion characteristics, practical storage qualities, and existing infrastructure and market, Ammonia stands out as a Hydrogen derivative. Notably, green Ammonia plays a crucial part in the switch to ecologically friendly fuels because its manufacture is entirely dependent on air, water, and renewable electricity.

Utilizing a scalable technology platform that enables replication across future ventures while attaining cost-effective production, Fuella seeks to establish several green Ammonia projects. The company's initial focus is on finding the best production sites, which must have access to three essential components: reliable grid infrastructure, economical renewable electricity, and effective offtake and transit routes. These factors are essential for setting up green Ammonia plants that produce a high-quality product at reasonable prices.

Building on most recent investment in the Finnish green power-to-gas company Ren-Gas, Fuella is second direct investment in green Hydrogen. According to Michael Pfennig, Co-Head of Infrastructure at Allianz Capital Partners, the investment in Fuella perfectly complements broader infrastructure investment strategy for the energy transition and highlights the significance, have on green molecules for the energy transformation in Europe.

By investing in a second power-to-gas platform in the Nordics, the region's immense capacity to generate eco-friendly molecules is being emphasized.

To manufacture green molecules, Norway is in a great situation. Thrilled to work with Allianz to advance the development of green Ammonia initiatives. According to Cornel Russi, co-CEO of Fuella, their investment and knowledge in the energy transition industry will greatly improve capabilities and speed up the implementation of project portfolio.

The developer of Fuella's green Hydrogen and green Ammonia production plants receives funding from Allianz totalling EUR 20 million. Allianz will own a small portion of Fuella and be eligible to invest in the company's upcoming power-to-X and green Ammonia projects. After investing in the Finnish green power-to-gas manufacturer Ren-Gas at the end of 2022, this is Allianz's second direct investment in the creation of green Hydrogen and green molecules.