The deal, executed through the insurers’ infrastructure platform Allianz Capital Partners, offers Allianz a minority stake in the firm, which was established in 2020.
Fuella is an independent developer of commercial-scale green hydrogen and green ammonia projects in Norway.
Ammonia is a clear gas which has historically been used as a in ingredient in plastics and fertiliser. But it can also be used as an energy carrier to transport hydrogen. Because its combustion does not release greenhouse gas carbon dioxide, it could play a vital role in the energy transition.
The energy industry distinguishes between “blue ammonia”, which is created using natural gas with CO2 emissions being captured and stored, and "green ammonia" which is created using hydrogen from renewable sources.
The investment in Fuella is Allianz’ second investment in the production of green hydrogen. Last year, it also invested €25m in Finnish green power-to-gas producer Ren-Gas.
“With our second power-to-gas platform investment in the Nordics we underline the great potential we see for the production of green molecules in the region” said Igor Lukin, senior portfolio manager at Allianz Capital Partners.
