Global investment firm KKR and Spanish-based renewables group IGNIS are to launch a Power-to-X (P2X) platform to develop green hydrogen and ammonia for industrial applications.
As part of the joint venture, KKR will provide up to €400m to develop and build future projects. Both companies will own 50% each of IGNIS P2X when launched, which will start with a global pipeline of P2X and renewable projects.
IGNIS P2X will develop green hydrogen, ammonia, e-methanol, e-fuels and SAF production plants serving blue chip corporates active in refining, steel, chemicals, fertiliser, among other sectors, as well as traditional renewables, largely wind and solar, associated with the hydrogen and ammonia projects.
Projects will be located near large off-takers, providing a critical enabling technology for the decarbonisation of hard-to-abate sectors.
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