Atome (ATOM), an international green hydrogen and ammonia project development company, announced it’s full-year results for the year ended 31st December 2022, making an expected loss as it rapidly developed its project portfolio, positioning it well to contribute to the decarbonisation of energy, transportation, and agriculture sectors.
Atome announced a total loss of US$5.9 million in 2022 compared to US$2.2 million in the previous year. This increase was anticipated and attributed to the company's intensified activity and accelerated development across its project portfolio.
Since its IPO in late 2021, ATOME has secured a world-scale power purchase agreement for its Phase One 120 MW project in Paraguay and progressed the Phase Two Project, targeting 300 MW in the same country.
On top of this, ATOME also established a Mobility Division, ordered its first electrolyser, advanced its Icelandic project, and entered the Costa Rican market through a significant partnership. In May 2023, the company welcomed Baker Hughes as a strategic technological partner and investor.
Following the success in securing a significant baseload renewable power supply in Paraguay, Atome commenced FEED studies and financing negotiations for its first green fertiliser project in Villeta for which there is a significant market demand.
In terms of funding, Atome raised US$4.3 million in December 2022 and an additional US$5.1 million in May 2023, including investment from Baker Hughes.
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Atome has made rapid progress in 2022, with significant market demand for its products driven by decarbonisation efforts across the globe. More specifically, the surge in hydrocarbon and fertiliser prices, along with the international emphasis on green commodities and supply security, has created a fertile market for Atome's planned production.
With regards to Atome’s green hydrogen production, a recent report concluded that by 2050, clean hydrogen could help abate seven gigatons of CO2 emissions annually, which is about 20 percent of human-driven emissions. Hydrogen will be a particularly crucial source of energy in the 2020-2040 period, providing baseload back-up in the event of insufficient renewable generation.
Fertiliser, agriculture, and food companies face mounting pressure to lower their carbon emissions while satisfying the ever-increasing demands of a growing global population. In 2021 alone, the ammonia industry contributed more than 450 million tons of CO2 equivalent to global emissions. Transforming nitrogen-based fertilisers into environmentally friendly alternatives is seen as a rapid and effective approach for these companies to achieve their climate targets and ensure supply stability.
As a result, the green fertiliser sector is anticipated to emerge as one of the fastest-growing industry segments of the decade, with the market projected to reach a value of US$ 2,145.73 million by 2030, and rise at a CAGR of 4.5%.
With growing industry interest and strong demand anticipated, Atome is poised for profitable and sustainable growth.
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