Yara Growth Ventures and Navigator Holdings invest in Azane Fuel Solutions
Yara Growth Ventures and Navigator Holdings announced on Wednesday that they have invested €5.4mn in Azane Fuel Solutions, with each acquiring a 14.5% stake in the Norwegian startup.
Azane, which was founded in 2020 as a joint venture between ECONNECT Energy and Amon Maritime, develops proprietary technology and services for ammonia fuel handling. According to Navigator’s press release, the startup plans to expedite the transition to green shipping by building the world’s first ammonia bunkering network.
Azane will use the new funds to begin constructing its first unit in Norway, before expanding internationally and increasing its range of offerings.
Navigator said that Yara Clean Ammonia has pre-ordered 15 bunkering units. The LPG and ammonia carrier group added that the units will start operating in Scandinavia in 2025.
Yara Growth Ventures’ investment director, Stian Nygaard, was quoted in the news release as saying: ‘Currently ammonia fuel bunkering does not exist. With this investment it is expected to become a reality in a year . . . This is anticipated to be a huge milestone for reducing emissions from the shipping industry. By enabling Azane to be the first mover on providing this key part of the infrastructure, our goal is to fill a gap in the ammonia chain needed for fueling ships.’