ATOME: Trading Update & Half Year Results

28th September 2023 | ATOME PLC

Unaudited Results for the Six Months Ended 30 June 2023

Current Trading Update

ATOME Energy (AIM: ATOM), the only international green hydrogen, ammonia and fertiliser project development company on the London Stock Exchange, with large-scale projects of over 600MW in South America and Europe concentrating on energy and food security, together with hydrogen mobility projects, is pleased to announce its unaudited results for the six-month period ended 30 June 2023 which are set out below together with a current trading update.

H1 2023 Highlights:

  • ATOME recorded a loss for the six months ended 30 June 2023 of US$2.9 million (US$ 2.5 million for six months ended 30 June 2022 and US$5.6 million year ended 31 December 2022), with US$2.1 million of costs capitalised in relation to Villeta project FEED studies, as these activities are directly related to design and construction of the project currently proceeding on a fast track to EPC contract and a Final Investment Decision (“FID”) in Q4 2023.
  • In January 2023, ATOME signed a mandate with IDB Invest, the private-sector arm of the multilateral Inter-American Development Bank, which has agreed to provide certain grant funding towards the costs of the Environmental and Social Impact Assessment (“ESIA”), with the ESIA being a key step towards project development and positively contributing towards decision making by all funders before FID.
  • In May 2023, the Company completed a successful placing of shares to Baker Hughes and other institutional shareholders totalling US$4.6 million and announced the extension of its Villeta project to production of green fertiliser, aiming to serve the significant and growing agricultural market in South America and worldwide.
  • In July 2023, ATOME increased its 120-megawatt (“MW”) power purchase agreement (“PPA”) at Phase I Villeta Project to 145MW and entered a 300MW pre-PPA agreement for Phase II Yguazu Project with commencement of necessary studies, increasing total committed power supply in Paraguay to 445MW. ATOME also obtained an approval in relation to its application for tax-free zone status at Villeta Project conditional on completion of environmental studies.
  • Since announcing its move to green fertiliser production, ATOME has received multiple written expressions of interest from leading international players for the whole of the offtake of Phase I production, which aims to potentially displace up to 500,000 tons of CO2eq per year.
  • Investment Memorandum for Villeta project in Paraguay was circulated to selected potential project-level equity and debt investors in August 2023 and an FID for Phase I Villeta is currently expected in Q4 2023.

Current Trading Update

ATOME continues to make progress on its projects, with Paraguay in particular running ahead of the expected goals set by the Directors.

The Company has developed into a world leading green fertiliser project development company benefiting from the unique position of Paraguay having an excess of competitively priced available baseload low-cost plug and play green electricity from the grid and being located at the centre of the South American agricultural market, which is the largest fertiliser import market in the world.

Phase 1 of Villeta is on track to achieve FID by the end of 2023, with construction activities commencing immediately thereafter and a significantly expanded green fertiliser project coming on stream by the end of 2025.

During the first six months of 2023 and to the date of this report, ATOME has been able to achieve further significant progress in developing its projects, as well as creating a joint venture with its partners in Costa Rica through National Ammonia Corporation (“NAC”).

The Company views the future with increasing confidence as it focuses on maintaining the momentum shown since IPO and continues to seek to expand the current portfolio of interests.

Statement by Peter Levine, Chairman and Olivier Mussat, CEO

“ATOME’s results for the six months ended 30 June 2023 reflect commendable progress for the Company.

The Villeta project alone will be the largest green fertiliser production facility in the world when it comes on stream at the end of 2025 and has the capability of serving domestic and South American as well as European and Asian markets, benefiting from soon to be granted Tax Free Zone status. The Second Phase, code named Iguazu with power already reserved, is nearly triple the size and capacity of Villeta and could be completed within 24 months of Viletta project commissioning.

The FEED packages for Villeta are nearing completion and negotiations for awarding the EPC contract are at an advanced stage, working with the internationally renowned engineers Aecom as our Owner’s Engineer.

The finance process for Villeta has been launched by our advisers Natixis, with the multi-lateral IDB Invest mandate already signed, which has already generated significant positive interest both on a debt and equity level internationally as well as locally. In-country visits and face-to-face presentations have already commenced.

As sustainability and climate concerns are now impacting the food and agricultural sectors, with carbon tariffs on fertiliser imports being implemented in the EU from 2026, we have expanded our move into Central America with our joint venture vehicle NAC, in Costa Rica where we have a very prospective 100MW project. This is almost a cut and paste of Villeta in a country which has 98% renewable power. At the same time, we have increased our own management expertise including the appointment of Terje Bakken formerly of Yara and Eurochem as Commercial Head. Iceland remains in our portfolio as one for the future.

This second half of the year is an exciting time for our project progression, and we look forward to delivering further positive news as we progress towards FID on our first project. We view the outlook for ATOME with significant confidence.”

The 2023 Half Year Report and Financial Statements will be made available at

Below is a recent overview which we filmed with Atome. We are currently organising investor webinars for Atome, and you can register an interest in meeting via the action button on this page.

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