AM Green, a hydrogen and ammonia producer owned by the founders of Indian renewable company Greenko Energy Holdings, is planning to raise around $1 billion to fund its growing business, according to people familiar with the matter.
The firm is working with an adviser on the fundraising to bolster its ability to produce green hydrogen and other chemical compounds, the people said, asking not to be identified as the information is private. AM Green aims to build a million tonnes a year of green methanol capacity, one of the people said.
Singapore sovereign wealth fund GIC Pte and the renewable energy arm of Malaysian state oil giant Petronas Nasional Bhd. announced an investment in AM Green Ammonia Holdings, according to a statement Sunday confirming a Bloomberg News report. The project is set to produce 5 million tons of green ammonia a year, the statement showed.
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