Proton Ventures Receives Funding from Invest International for New Green Ammonia Pilot Plant in Morocco
Invest International is providing a loan facility to Proton Ventures in support of their working capital needs for the upcoming turnkey construction of a new green ammonia pilot plant (GAPP) in Jorf Lasfar, Morocco, backed by an Atradius DSB working capital guarantee. Proton Ventures' breakthrough technology produces ammonia using clean energy sources.
GAPP will use the Haber-Bosch process to produce four tonnes of green ammonia per day. This industrial pilot plant will be equipped with two PEM & Alkaline electrolysers with a capacity of 2 MW each for the production of Green Hydrogen.
The pilot plant will also include an emulator capable of simulating various electrical load profiles, specifically the hybridisation of photovoltaic (PV) and wind (Wind) energy in several geographical locations in Morocco and around the world.
Following a successful tender process earlier in the year, an engineering, procurement, and construction agreement was signed on July 19, 2022, in the presence of the Institute Research Energy Solar et Energy Nouvelles (IRESEN) and Mr. Fred Duijn, charge d'affaires of the Dutch Embassy in Rabat, Morocco.
Joost Oorthuizen, Chief Executive Officer at Invest International, said:
“We are delighted to finance this loan as it seeks to promote Morocco’s economic growth while making the country a continental hub for future production of green hydrogen. As Europe would in the future need to bring energy from overseas, Morocco is a great place for large-scale hydrogen production as they have a lot of wind, sun, and land, which is what we don’t have in Northern Europe. Invest International’s unique role as a Dutch impact investor is putting funds to work in international projects that contribute to Sustainable Development Goals (SDGs) and contribute to the Dutch economy.”
Paul Baan, Chief Executive Officer of Proton Ventures, said:
“This first green ammonia/hydrogen project is instrumental in bringing the energy transition towards renewable sources in action. This industrial-scale research facility will provide unique operational insights which benefit further expansions in and outside Morocco as well as boost the education of more Hydrogen/Ammonia experts. It is a privilege to put our Proton Ventures hydrogen/ammonia capabilities and expertise to work in this strategic project that will be the start of many similar activities.”
Bert Bruning, Managing Director of Atradius Dutch State Business, said:
“We are glad that with our working capital insurance we can facilitate financing for an important innovation supporting the energy transition. This project and its partners clearly contribute in a unique way to the production and trade of green hydrogen. It also strengthens the ties between the Netherlands and Morocco as trading partners. We are also proud that together with our partner Invest International we can make a difference in this field.”
Source: Invest International