Hive Hydrogen expected to start ammonia production in 2029.
A group led by Japanese trading house Itochu Corporation is nearing an agreement to buy green ammonia from Hive Hydrogen South Africa, a $5.9 billion project that could make the country a global leader in producing the fuel.
Securing an offtake agreement – few of which have been signed in the nascent green-hydrogen industry – improves the viability of projects and makes them more attractive to financiers and investors.
Green hydrogen, which burns without producing climate-warming greenhouse gases, is produced by splitting water using renewable energy. It can then be converted into ammonia, which is easier to transport, has higher energy density than hydrogen and doesn’t require cooling to extreme temperatures. Hive Hydrogen, which is 25% held by South Africa’s Built Africa Group, wants to eventually own about 10% of the project, Loubser said.
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