Six Japanese companies have agreed to explore investment opportunities for a large-scale green ammonia plant in Odisha, India, being planned by Acme Group.
Last year, multinational company IHI Corporation signed a term sheet to import up to 400,000 tonnes from Acme’s project. Now, IHI has signed a Memorandum of Understanding with Hokkaido Electric Power, Mitsubishi Gas Chemical Company, Mitsui O.S.K. Lines (MOL), Mizuho Bank, and Tokyo Century Corporate.
Under a Memorandum of Understanding (MOU), the partners plan to create a robust ammonia value chain between India and Japan. Reportedly, the six companies will evaluate the establishment of a special-purpose company for ammonia production and investment participation.
Hokkaido Electric is testing ammonia co-firing at its coal plant and studying infrastructure needs, while Mitsubishi Gas Chemical wants to decarbonise its ammonia use.
Mizuho Bank is planning to finance ¥2 trillion ($13bn) in hydrogen and ammonia supply chains by 2030, and Tokyo Century is exploring green ammonia as part of its shift beyond solar to support carbon neutrality.
After IHI signed the term sheet with Acme last year, they announced the signing of numerous contracts for the construction of an ammonia-fuelled gas carrier vessel, which is expected to be completed next year.
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