AL Fattan Holding signs $20 million investment in green hydrogen and ammonia business with Korean company LTechUVC
In March, the two companies established a special purpose corporation
AL Fattan Holding Investment announced on May 18 that it will invest $20 million in Abu Dhabi for green hydrogen and ammonia manufacturing business with LTechUVC, a Korean energy company.
The Green Hydrogen and Ammonia Production Project is a 200 MW green hydrogen and ammonia manufacturing project in Abu Dhabi with a total project cost of $400 million. UAE company AL FATTAN Holding Investment and Korean company LTechUVC will participate in the project. Currently, the business process has been carried out through business agreements, investment agreements (LOI), and SPC establishment, and even investment contracts (LOC).
LTechUVC, a Korean company, is a green energy company with business areas such as domestic hydrogen fuel cell-based eco-friendly convergence business, fuel cell power generation business, EV charging platform business, and global green hydrogen and ammonia manufacturing business. Lee Ji-young, CEO of LTechUVC, said, "Through this investment, we will strengthen the construction of hydrogen supply chains with the aim of realizing a global carbon-neutral hydrogen society and establish ourselves as a leader in the green hydrogen and ammonia markets."
AL FATTAN Holding Investment will carry out the project through its subsidiary AL FATTAN Energy, which is a UAE company with extensive experience in nuclear, oil and gas and renewable energy sectors.
In March, the two companies established a special purpose corporation (SPC) AL FATTAN LTechUVC Green Energy LLC for the production, supply, and utilization of green hydrogen and ammonia, and decided to supply the produced green ammonia for ammonia hybrid power generation.