ATOME: Update on Mobility Division

28th November 2023 | ATOME PLC

Update on Mobility Division

ATOME Energy (AIM: ATOM), the only international green fertiliser project development company on the London Stock Exchange, notes the RNS announcement made by Clean Power Hydrogen Plc (“CPH2”) today in relation to the previous production order made by the Company in March 2022. This order was for a 1MW electrolyser from CPH2 slated at that time for a hydrogen mobility project of ATOME.

Since that time in March 2022, ATOME’s focus has transitioned to large scale green fertiliser projects which now extend to some 650MW of 100% renewable power across its portfolio, principally in Latin America. In particular, the 145MW Villeta project in Paraguay with its 24/7 baseload power from the grid has now developed into a major project on its own with FEED study (Front End Engineering Design) nearing completion, substantive discussions with EPC contractors at an advanced stage and indicative offers for the debt funding of such project pointing to substantial oversubscription.

The former mobility project is now seen as a diversion from ATOME’s core focus on delivering industrial scale green fertiliser, where the Company will be one of the first in the marketplace to meet existing demand in both South America and Europe from 2025. Accordingly, as the CPH2 electrolyser for the mobility project has not yet been delivered, the Company has mutually agreed to cease the order without penalty or other payout to CPH2. This allows CPH2 to concentrate on near home markets and its current partner licences. The deposit of US$300,000 has been returned to ATOME.

Relations with CPH2 remain good and ATOME is pleased to note the announcement made today in relation to electrolysers of CPH2 by G-Mobility, a subsidiary of Green House Capital, currently part of Molecular Energies PLC. The potential for hydrogen mobility in Paraguay remains valid and ATOME looks forward to seeing hydrogen fuelled trucks transporting its products in South and Central America.

Olivier Mussat, CEO, commented:

“With green fertiliser now firmly at the core of ATOME’s strategy, the mutual termination of the arrangements with CPH2 allows ATOME to mobilise all its resources and energy on its world class green fertiliser business whilst permitting CPH2 to concentrate on its home markets.”

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