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Yara and Navigator Holdings invest in Norwegian ammonia bunkering start-up Azane

Investment made by Yara and Navigator is expected to enable Azane to begin construction of its first bunkering unit for ammonia supply in Norway aiming to kickstart zero-carbon marine fuels transition.

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Yara Growth Ventures AS, the venture investment arm of Yara International ASA, and Navigator Holdings Ltd. (Navigator) today announced that they have each successfully acquired a 14.5% interest in the Norwegian startup Azane Fuel Solutions AS (Azane).

They led an investment round of EUR 5.4 million (USD 5.7 million) in Azane to commence construction of the first of 15 bunkering units.

Azane, a joint venture between ECONNECT Energy AS and Amon Maritime AS , both of Norway, was founded in Norway in 2020 as a company that develops proprietary technology and services for ammonia fuel handling, to facilitate the transition to green fuels for shipping. 

Subject to customary conditions, Azane intends to build the world’s first ammonia bunkering network, with Yara Clean Ammonia already pre-ordering 15 units from Azane. The investment made by Yara and Navigator is expected to enable Azane to begin construction of its first bunkering unit for ammonia supply in Norway, aiming to kickstart the transition to zero-carbon fuels for maritime transportation. 

Future value creation for Azane is expected to come through international expansion with its bunkering solutions and broadening of its offerings in ammonia fuel handling technology. 

The parties anticipate that the commencement of operations of the bunkering units will begin in Scandinavia in 2025. The total addressable market for ammonia powered ships is estimated to equal to the entire deep sea shipping fleet of 100,000 vessels worldwide, which over time is expected to transition to zero-carbon fuels. Currently, the world of ocean shipping accounts for approximately 3% of global emissions. 

Azane is a commercial partner of Yara Clean Ammonia, who expects to provide clean ammonia to be stored in Azane’s bunkering units once operational.

Stian Nygaard, Investment Director, Yara Growth Ventures, said: “Currently ammonia fuel bunkering does not exist. With this investment it is expected to become a reality in a year, starting in Scandinavia. 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.”

Mads Peter Zacho, Chief Executive Officer, Navigator, said: “Green ammonia is crucial to the future success of carbon free shipping, and Azane is working to provide a solution to a clear and important gap in the ammonia fuel value chain. Global ammonia demand is expected to triple by 2050, with a significant part being for ship fuel.” 

“In an increasingly strong regulatory environment towards greener fuels in the shipping industry, I am very pleased Navigator is not only making efforts to become a more sustainable business itself, but also investing in scale-ups that we believe can support and expedite the transition across our industry. We look forward to strengthening our working relationships with Yara and Azane through this partnership.”

André Risholm, Chairman, Azane, said: “It will be a great strength for our company to partner with two of the leading ammonia players in the world, one from industry and another one from gas shipping, both entering as strategic investors and joining the board to help build the company. The fresh funds will help accelerate the company’s growth ambitions in Scandinavia and internationally. As a first mover, Azane’s bunkering solutions will enable ship owners across the world to make the transition to carbon free shipping by showcasing full scale commercial bunkering projects.”

Photo credit: Yara
Published: 26 October, 2023

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Business

Auramarine appoints Tuomas Häkkinen as Director Business Line Projects

Appointment comes at a pivotal time for Auramarine as firm continues to expand offerings and strengthen its position as a provider of future fuel supply systems, including methanol and ammonia.

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Auramarine appoints Tuomas Häkkinen as Director Business Line Projects

Finland-based fuel supply systems provider Auramarine Ltd on Thursday (23 May) announced the appointment of Tuomas Häkkinen as the Director Business Line Projects. 

The strategic addition to the leadership team marks a significant step forward in enhancing the company’s market presence, customer engagement, and sustainability efforts in the maritime sector.

Häkkinen holds a master’s degree in Naval Architecture and Maritime Engineering from Aalto University. With more than 10 years’ of customer-centric experience in services, sales, account management and business development, Häkkinen’s extensive background includes key roles at NAPA, the leading provider of maritime software, services, and data analysis.

This appointment comes at a pivotal time for Auramarine, as the company continues to expand its offerings and strengthen its position as one of the leading providers of future fuel supply systems, including methanol and ammonia. 

With Häkkinen at the helm of the sales and projects team, Auramarine is well-positioned to accelerate its growth, deliver exceptional value to its customers, and achieve its sustainability goals.

“We are thrilled to welcome Tuomas Häkkinen to our team,” says John Bergman, CEO of Auramarine Ltd. 

“His in-depth knowledge of the marine sector and exceptional leadership skills will be invaluable as we continue to innovate and deliver high-quality fuel systems and maritime applications to our customers.”

“Additionally, his commitment to sustainability aligns perfectly with our company’s goals of reducing our environmental footprint and promoting sustainable practices in supporting the maritime industry to meet its decarbonisation targets.”

In his new role, Häkkinen will be responsible for overseeing all sales in the projects business line, developing and implementing sales strategies, and strengthening relationships with key customers in the marine sector. He will also play a critical role in identifying new market opportunities and driving the company’s expansion into new business areas.

“I am excited to join Auramarine and lead the sales team at a time when the business dynamics of the whole marine sector is changing,” said Häkkinen, Director Business Line Projects of Auramarine Ltd. 

“I look forward to working closely with our talented team to build on the company’s strong foundation and drive our mission of delivering cutting-edge, sustainable fuel and auxiliary systems that meet the highest standards of performance and reliability.”

 

Photo credit: Auramarine
Published: 27 May 2024

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Alternative Fuels

LR awards AiP to Seaspan Corporation for next-gen feeder ship design

Vessel, developed by Technolog, is future-proofed in its design and can be efficiently converted from LNG to ammonia propulsion during its lifetime.

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LR awards AiP to Seaspan Corporation for next-gen feeder ship design

Lloyd's Register (LR) on Wednesday (22 May) has awarded Approval in Principle (AiP) to Seaspan Corporation for its innovative Next Generation Feeder Ship Design. 

The vessel, measuring 198 m in length and developed by Technolog, is future-proofed in its design and can be efficiently converted from LNG to ammonia fuel during its lifetime.

Completion of the AiP process for the feeder ship design underscores Seaspan's commitment to delivering cutting-edge solutions in support of its customers decarbonisation journeys. 

By collaborating with Technolog and LR, Seaspan has developed a solution that meets current market demands and anticipates future challenges and opportunities in the maritime industry.

The unique design of the Next Generation Feeder Ship showcases the direction that ship design may take in the future. By completing the AiP process, Seaspan, Technolog, and Lloyd's Register have laid the groundwork for future advancements in feeder vessel technology in this rapidly evolving space.

The project builds on the previous work LR has conducted with Seaspan Corporation. Seaspan is a founding partner of several LR Safety Tech Accelerator initiatives, including Methane Abatement in Maritime Innovation Initiative and Cargo Fire and Loss Innovation Initiative. Seaspan and LR are also collaborating on initiatives focusing on how the energy transition is affecting seafarer safety.  

LR, Seaspan and Technolog all look forward to beginning work on phase 2 of this project, which will be a DF Ammonia Feeder Vessel.

Andy McKeran, Chief Commercial Officer at Lloyd's Register, said: "We are very pleased to grant Approval in Principle to Seaspan for their innovative Next Generation Feeder Vessel Design.”

“This achievement highlights Seaspan's dedication to excellence and sustainability in maritime transportation and LR remains committed to supporting industry leaders like Seaspan in their pursuit of cutting-edge solutions that drive positive change and set new standards for the future of shipping."

Peter Jackson, SVP of Assets and Technology at Seaspan Corporation, said: “We are committed to providing creative solutions to our customers in support of their decarbonisation journey and the best way to do this is through partnerships and collaborations with industry leaders such as LR and Technolog.”

“Seaspan and LR have partnered to address important topics for many years, and this is an excellent result of one of those partnerships. Technolog’s input has also provided a creative solution and demonstrated their leadership in the ship design and Feeder Ship segment.”

 

Photo credit: Lloyd's Register
Published: 23 May 2024

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Alternative Fuels

Specs Corporation to be official Auramarine sales rep for fuel supply units in South Korea

This includes its conventional systems, as well as its specialist solutions for methanol and ammonia bunker fuels, and will be applicable for newbuildings, retrofits, commissioning and maintenance services.

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Japan: NS United orders methanol-powered bulk carriers

Auramarine, provider of marine fuel supply systems, on Wednesday (15 April) has announced that it has signed a representative agreement with Specs Corporation Ltd., a Korean marine equipment and services provider. 

The firm said the strategic partnership underscores Auramarine’s commitment to delivering solutions to the maritime sector and strengthens the company’s presence in the South Korean market.

Under the terms of the agreement, Specs Corporation will serve as an official Auramarine sales representative for its fuel supply units. This includes its conventional systems, as well as its specialist solutions for methanol and ammonia, and will be applicable for newbuildings, retrofits, commissioning and maintenance services. 

The collaboration will enable Auramarine to leverage Specs Corporation’s extensive network and expertise in providing services to South Korean shipyards, engine manufacturers and ship owners.

John Bergman, CEO of Auramarine, said: “We are delighted to embark on this journey with Specs Corporation as our trusted partner in the important South Korean market.”

“They have been serving engine manufacturers for a long time, have close and collaborative relationships with shipowners and shipyards and a deep knowledge of exactly what is required from fuel supply systems.”

“Importantly, Spec’s established reputation and forward-thinking vision align seamlessly with our own, making them an ideal partner.”

Mr. Leeman Lee, President of Specs Corporation Ltd, also said: “Spec Corporation’s mission is based on providing superior performance, service, and solutions to ensure customer satisfaction.”

“We are delighted to welcome Auramarine to our portfolio of market-leading technologies.”

“We both share the drive to be a part of the energy transition within the industry and this collaboration, which includes fuel supply systems for methanol and ammonia, represents a clear step forward in our commitment to offering cutting-edge solutions to the South Korean maritime industry that drive increased sustainability.” 

Photo credit: Auramarine
Published: 16 May 2024

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