Business
Iceland Update
Iceland Update.
About this update from Atome Plc
[{"type":"text","content":"\n \n \n 4 April 2023\n \n \n \n \n \n \n \n \n ATOME ENERGY PLC\n \n \n \n \n \n \n \n Iceland Update\n \n \n \n \n \n \n \n \n \n Term Sheet and Letter of Intent signed for up to 60MW of power\n \n \n \n \n \n \n \n \n ATOME Energy (AIM: ATOM), the only international green hydrogen and ammonia production company on the London Stock Exchange, with current large-scale projects in Latin America and Europe, as well as hydrogen mobility projects, announces material developments on its Icelandic business.\n \n \n \n \n \n \n Highlights\n \n \n \n \n \n Term sheet signed with HS Orka, a leading producer of renewable energy in Iceland for up to 40MW of power\n \n \n \n \n Letter of Intent signed with ON Power, another power provider, for up to 20MW of power\n \n \n \n \n Memorandum of Understanding (\"MoU\") signed with Samherji, one of Iceland's largest fishing companies, for the decarbonisation of their marine fleet\n \n \n \n \n Green Fuel's facility expected to be operating by end 2026 and to be one of the first large-scale green ammonia projects in Europe\n \n \n \n \n Domestic and international offtake opportunities\n \n \n \n \n \n \n \n ATOME is pleased to announce that its 75% owned Icelandic subsidiary, Green Fuel ehf (\"Green Fuel\"), has entered into a non-binding term sheet with HS Orka, a leading producer of renewable energy in Iceland, for the supply of up to 40MW from geothermal and hydroelectric power with the intention for both parties to enter a binding Power Purchase Agreement (\"PPA\"), subject to conditions, prior to year-end 2023. The power is due to be delivered for the start of Green Fuel's commercial operation, scheduled in 2026.\n \n \n \n \n \n In addition to the 40MW from HS Orka, Green Fuel has also signed a Letter of Intent with ON Power, another company generating power from the same sources in the country, for the supply of up to 20MW of renewable power which is expected to be available from 2027.\n \n \n \n \n \n Green Fuel's green ammonia facility will be one of the earliest large-scale green ammonia projects in Europe at the time of its start-up targeted by the end of 2026.\n \n \n \n \n \n \n \n \n Strategy\n \n \n \n Iceland is a prime location for green hydrogen and ammonia production, through its 100% green electricity gri...