Allianz Capital Partners has agreed to acquire a minority stake in Fuella, a Norwegian independent developer of commercial-scale green hydrogen and green ammonia projects.
Fuella aims to develop a series of green ammonia projects, and Allianz will provide €20 million ($22 million) of funding to support the company’s project pipeline toward execution and to accelerate the business’ development.
Fuella’s initial emphasis lies in the identification of ideal production locations characterized by three critical factors: access to affordable renewable electricity, robust grid capacities, and efficient offtake and transport routes. Under the terms of the agreement, Allianz will be able to invest in Fuella’s pipeline of projects.
“Fuella is our second direct investment into green hydrogen and is building upon our most recent investment in Finnish green power-to-gas developer Ren-Gas,” said Michael Pfennig, co-head of infrastructure at Allianz Capital Partn