AmmPower Enters LOI With Port of South Louisiana To Develop Ammonia Production Facility
AmmPower Corp (CSE: AMMP) this morning had a major announcement. The firm has signed a letter of intent with the Port of South Louisiana, one of the largest ports in the Western Hemisphere, for the development of a green hydrogen and ammonia facility.
The arrangement will see the construction of a green hydrogen and ammonia facility that is expected to “produce, store and distribute green ammonia for use as a carbon free fuel and a carrier of hydrogen energy.” While feasibility studies are currently required to be conducted, the firm right now is estimating that the new facility will be capable of producing up to 4,000 tonnes of green ammonia per day.
Ammonia produced at the facility would be used to fuel oceangoing vessels, of which there are over 4,500 per year at the Port of South Louisiana, as well as be used both domestically and for export.
“Having been involved in a number of large port construction and infrastructure projects over the past 40 years, I can truly say this is a remarkable moment. The pivotal shift to green energy is an important one, and I am very excited to be working with the Port of South Louisiana,” commented Maarten Mobach, President of AmmPower Maritime.
The Port of South Louisiana is one of the largest ports by tonnage in the Western Hemisphere. The Port currently sees $57 billion in exports and $18 billion in imports travel through it on an annual basis, with the Port extending for 54 miles along the Mississippi River. The Port is currently the largest domestic trading port in the country, and the second largest in foreign trade.
AmmPower Inc last traded at $0.47 on the CSE.
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