Navigator Gas Invests $2.5M Alongside Attis Clean Energy Invest In Ten08 Energy To Produce Clean Ammonia On The US Gulf Coast For Export

Author: Benzinga Newsdesk | August 08, 2024 08:49am

Navigator Holdings Ltd. ("Navigator" or the "Company") (NYSE:NVGS), the owner and operator of the world's largest fleet of handysize liquefied gas carriers, is pleased to announce a co-investment alongside lead investor Attis Clean Energy ("Attis") in the clean ammonia developer Ten08 Energy LLC ("Ten08" or "Project"), previously announced on May 15, 2024.

Ten08 is developing an industrial-scale hybrid blue and green ammonia production export facility on the Gulf Coast of Texas with the goal of producing the most competitively priced ammonia molecule to help decarbonize the power, shipping, fertilizer, and chemicals industries. The first phase, comprising 1.4 million metric tonnes per year of ultra-low carbon ammonia production, is expected to commence operations in late 2029 / early 2030.

The $2.5 million commitment by Navigator complements the development capital from lead investor Attis who made its initial investment in May of this year and is partnering with Navigator to fund development until Final Investment Decision ("FID"). In return for its initial investment, Navigator received an option to make a larger investment at FID of up to $100 million of preferred equity towards construction of the terminal and export infrastructure of the Project, with potential further investments in subsequent expansions.

Posted In: NVGS