By Nick Hedley
Singapore’s sovereign wealth fund, GIC, has invested
alongside Nasdaq-listed Carlyle Group in Eneus Energy, a green
ammonia facility developer with a project pipeline of 14GW.
Green ammonia and green hydrogen are expected to play a
meaningful role in the decarbonization of the world economy, and Eneus –
launched in 2013 with a presence in the U.S. and U.K. – is among the first
movers in this space, the companies said in a joint statement.
Green ammonia is a zero-carbon fuel in its own right, and
also acts as a cost-effective storage and transport energy vector for green
hydrogen.
“The investment in Eneus reflects GIC’s continued deep commitment
to renewable energy innovation and global decarbonization efforts,” said Ang
Eng Seng, GIC’s chief investment officer for infrastructure. “This is a
strategic investment to position GIC early for the green hydrogen market which we
believe will play a crucial role in the transition to clean energy. We believe
that Eneus has the potential to be a key player in the green hydrogen
ecosystem.”
Chris Bronsdon, CEO of Eneus Energy, said that
alongside its role as a storage and transportation medium for the green
hydrogen economy, green ammonia can be supplied into direct-use markets, for
example, in the shipping and fertilizer industries.
“The potential global market demand for green ammonia is
huge as decarbonization strategies are being implemented to reduce the emission
of greenhouse gases from fossil fuels,” Bronsdon said. “The investment from
Carlyle and GIC will enable Eneus to continue to develop its pipeline of
projects globally, starting with the U.S. and U.K.”