ATOME Energy PLC Update on Mobility Division (8230U)
28 November 2023 - 6:00PM
UK Regulatory
TIDMATOM
RNS Number : 8230U
ATOME Energy PLC
28 November 2023
28 November 2023
ATOME ENERGY PLC
("ATOME", "the Company", or "the Group")
Update on Mobility Division
ATOME Energy (AIM: ATOM), the only international green
fertiliser project development company on the London Stock
Exchange, notes the RNS announcement made by Clean Power Hydrogen
Plc ("CPH2") today in relation to the previous production order
made by the Company in March 2022. This order was for a 1MW
electrolyser from CPH2 slated at that time for a hydrogen mobility
project of ATOME.
Since that time in March 2022, ATOME's focus has transitioned to
large scale green fertiliser projects which now extend to some
650MW of 100% renewable power across its portfolio, principally in
Latin America. In particular, the 145MW Villeta project in Paraguay
with its 24/7 baseload power from the grid has now developed into a
major project on its own with FEED study (Front End Engineering
Design) nearing completion, substantive discussions with EPC
contractors at an advanced stage and indicative offers for the debt
funding of such project pointing to substantial
oversubscription.
The former mobility project is now seen as a diversion from
ATOME's core focus on delivering industrial scale green fertiliser,
where the Company will be one of the first in the marketplace to
meet existing demand in both South America and Europe from 2025.
Accordingly, as the CPH2 electrolyser for the mobility project has
not yet been delivered, the Company has mutually agreed to cease
the order without penalty or other payout to CPH2. This allows CPH2
to concentrate on near home markets and its current partner
licences. The deposit of US$300,000 has been returned to ATOME.
Relations with CPH2 remain good and ATOME is pleased to note the
announcement made today in relation to electrolysers of CPH2 by
G-Mobility, a subsidiary of Green House Capital, currently part of
Molecular Energies PLC. The potential for hydrogen mobility in
Paraguay remains valid and ATOME looks forward to seeing hydrogen
fuelled trucks transporting its products in South and Central
America.
Olivier Mussat, CEO, commented:
"With green fertiliser now firmly at the core of ATOME's
strategy, the mutual termination of the arrangements with CPH2
allows ATOME to mobilise all its resources and energy on its world
class green fertiliser business whilst permitting CPH2 to
concentrate on its home markets."
For more information, please visit https://www.atomeplc.com or
contact:
ATOME Energy PLC +44 (0) 113 337 2210
Nikita Levine, Investor Relations info@atomeplc.com
Beaumont Cornish (Nominated Adviser)
Roland Cornish, Michael Cornish +44 (0) 20 7628 3396
Liberum (Joint Broker)
Scott Mathieson, Kane Collings +44 (0) 20 3100 2000
SP Angel (Joint Broker)
Richard Hail, Harry Davies-Ball +44 (0) 20 3490 0470
Cavendish Capital Markets Limited
(Broker)
Simon Hicks, George Dollemore +44 (0) 20 7220 0500
Tavistock (Financial PR and IR) +44 (0) 20 7920 3150
Simon Hudson, Charles Baister, Saskia atome@tavistock.co.uk
Sizen
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018. Upon
publication of this announcement, this inside information is now
considered to be in the public domain. The person who arranged for
the release of this announcement on behalf of the Company was Peter
Levine, Chairman.
About ATOME
ATOME Energy PLC is an AIM listed company targeting green
fertiliser production with 445-megawatt of projects in Paraguay and
a further pipeline of potential projects in Central America and
Iceland.
Since its admission to AIM in December 2021 ATOME signed a 145MW
power purchase agreement with ANDE, the state energy company in
Paraguay for acquired 30 hectares of land in Villeta, Paraguay for
that facility, mandated Natixis Corporate & Investment Banking
and the multilateral IDB Invest to lead the project funding and
with Front End Engineering and Design studies currently underway
with the international companies Urbas and Casale. ANDE has also
allocated a further 300MW for ATOME's second project subject to
studies.
In Costa Rica, ATOME has a green fertiliser joint venture with
Cavendish, the renewable energy arm of the substantial and
well-established Purdy Group based in Costa Rica and formed The
National Ammonia Corporation S.A. As well as straddling the Pacific
and Atlantic Oceans, Costa Rica is a democratic Central American
country. In agriculture, Costa Rica is the second largest supplier
of pineapples in the world and is in the top ten banana
growers.
ATOME is in the process of operational planning, sourcing and
negotiations with green electricity suppliers, equipment providers
and offtake partners, including signed memoranda of understanding
and cooperation agreements in place with key parties, to produce
green ammonia at an industrial scale using electricity generated
from existing geothermal sources in Iceland and hydroelectric power
in Paraguay and Costa Rica. All chosen sites are located close to
the power and water sources and export facilities to serve
significant domestic and then international demand.
The Company has a green-focused Board which is supported by
major shareholders including Peter Levine, Trafigura, one of the
world's leading commodity and logistics company, and Schroders, a
leading fund manager, and since May 2023, Baker Hughes, a global
energy technology company operating in the energy and industry
sectors.
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