AL FATTAN Holding Investment recently announced its investment of $20 million in Abu Dhabi to establish a green hydrogen and ammonia manufacturing business in collaboration with LTechUVC, a Korean energy company.
The project, known as the Green Hydrogen and Ammonia Production Project, is a significant undertaking in Abu Dhabi. It involves the manufacturing of green hydrogen and ammonia, with a targeted capacity of 200 MW. The total cost of the project is estimated at $400 million. AL FATTAN Holding Investment, a UAE-based company, and LTechUVC from Korea are joining forces to participate in this venture. Various business agreements, investment agreements, and special purpose corporation (SPC) establishment processes have been carried out to advance the project.
LTechUVC is a Korean company specializing in green energy solutions, including hydrogen fuel cell-based convergence businesses, fuel cell power generation, EV charging platforms, and global manufacturing of green hydrogen and ammonia. Lee Ji-young, CEO of LTechUVC, expressed their commitment to strengthening hydrogen supply chains and becoming a leader in the global green hydrogen and ammonia markets through this investment.
AL FATTAN Holding Investment will execute the project through its subsidiary, AL FATTAN Energy, leveraging its extensive expertise in the nuclear, oil and gas, and renewable energy sectors. In March, the two companies established the special purpose corporation AL FATTAN LTechUVC Green Energy LLC to facilitate the production, supply, and utilization of green hydrogen and ammonia. Additionally, they have decided to utilize the produced green ammonia for ammonia hybrid power generation.