Allianz Capital Partners has agreed to aquire a minority stake in Fuella, a Norwegian developer of green hydrogen and green ammonia projects, the group said in a press release.
Allianz is investing €20 million to “support the company’s project pipeline towards execution and to accelerate the business development”. It will have the option to invest in Fuella’s pipeline of projects.
“Ammonia stands out as a hydrogen derivate due to its relatively high energy density, favourable combustion properties, convenient storage characteristics, and an established infrastructure and market,” said Allianz. It is produced using only renewable energy, water and air.
Allianz Capital Partners invests capital from both its parent company, insurance giant Allianz Group, and third party investors in private equity and infrastructure. This investment involves only Allianz Group capital.