IBDRY - Iberdrola Trammo partner to build Euro750M green ammonia plant in Europe

2023-06-09 12:38:38 ET

Ibderdrola ( OTCPK:IBDRY ) ( OTCPK:IBDSF ) said Friday it plans to build a €750M (~$808M) plant in southern Europe to produce green ammonia that would be purchased and exported by U.S. commodities trader and shipper Trammo.

The Spanish power company said Trammo has agreed to purchase and sell up to 100K tons/year of green ammonia from the plant starting in 2026.

Trammo said it plans to sell the contracted fuel to support industry decarbonization in Europe and the creation of a European green hydrogen corridor intended to connect the continent's south with industrial centers of demand in the north such as Germany, France and the Netherlands.

Iberdrola ( OTCPK:IBDRY ) ( OTCPK:IBDSF ) said the new plant "will be viable thanks to European Union funding" it will apply for.

The company, which operates Europe's largest green hydrogen plant, a 20 MW electrolyzer at its Puertollano plant in Spain, also is working on more than 60 hydrogen projects in eight countries, including green ammonia and green methanol developments in Iberia, Australia and the U.S.

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