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.”