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CF Industries Holdings Inc (NYSE:CF) has executed a joint development agreement (JDA) with Japan energy company JERA to develop greenfield low-carbon ammonia.
The exploration of ammonia production is expected to happen at CF Industries’ Blue Point Complex in Louisiana.
The JDA will assist JERA and CF Industries’ evaluation of a joint venture agreement to build an approximately 1.4 million metric ton capacity low-carbon ammonia plant.
JERA is planning a 48% ownership stake in the project and an agreement to procure more than 500,000 metric tons of low-carbon ammonia annually.
The two parties had previously inked a memorandum of understanding for joint project development and sales and purchase of low-carbon ammonia.
JERA and CF Industries aim to reach a final investment decision on the proposed project within a year for commencing production in 2028.
“We are pleased to expand our relationship with JERA as our companies advance leading-edge decarbonization initiatives that will help JERA and Japan achieve their decarbonization goals,” said President and CEO Tony Will.
JERA intends to replace coal with low-carbon clean ammonia in its existing thermal coal power plants to reduce CO2 emissions.
Price Action: CF shares closed higher by 0.06% at $77.80 on Wednesday.
Image sourced from Shutterstock
Posted In: CF
