Invest International is providing a loan facility, on the back of an Atradius DSB working capital guarantee, to Proton Ventures in support of their working capital needs during the upcoming turnkey construction of a new green ammonia pilot plant (“GAPP”) in Jorf Lasfar, Morocco. Proton Ventures makes ammonia from clean energy sources with its innovative technology.
Green Hydrogen production
GAPP will produce green ammonia with a capacity of four tons per day based on the Haber-Bosch process. For the production of Green Hydrogen, this industrial pilot plant will be equipped with two PEM & Alkaline electrolysers with a capacity of 2 MW each. The pilot plant will also be equipped with an emulator that can simulate different electrical load profiles, in particular the hybridization of photovoltaic (PV) and wind (Wind) energy, in different geographical sites in Morocco and around the world.
On 19 July 2022, following a successful tender process earlier in the year, an engineering, procurement, and construction agreement was signed between the Mohammed VI Polytechnic University and Proton Ventures, 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: “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: “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 benefits further expansions in and outside Morocco as well as boosting 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 a start of many similar activities.”
Bert Bruning, Managing Director of Atradius Dutch State Business: “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 an 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.”
About Invest International:
Invest International is an impact investor in innovative Dutch solutions that contribute to the realization of the Sustainable Development Goals (SDGs). It provides financing solutions and project development, primarily in project finance and export finance. Invest International has the goal to support internationally focused activities from companies and international projects that contribute to the Dutch economy by improving the international competitive position and earnings position, and for international projects that provide solutions for global challenges like contributing to sustainable economic growth. The company is a Joint Venture of the Dutch Ministry of Finance (51%) and Development Bank FMO (49%). Its head office is based in The Hague, the Netherlands. More information is available on the website www.investinternational.nl
About Proton Ventures:
Proton Ventures is an independent engineering company operating in the chemical industry. They provide innovative engineering and turnkey solutions for world-scale storage terminals, decentralized ammonia production units and other related process applications. Proton Ventures strives to be a key player in decentralized chemical energy storage, making renewable energy accessible to everyone. As a technological innovator, the company enables their global partners to benefit from our safe, reliable,
efficient and environmentally responsible solutions. Offering innovative applications in terminal concepts, NFuel and Utilities. Further the team offers consulting and services in engineering, procurement and cost calculation for turnkey projects. More information is available on the website www.protonventures.com
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