AL Fattan Holding Investment stated that it would spend $20 million in Abu Dhabi for a business that produces green hydrogen and ammonia with LTechUVC, a Korean energy company.
The Green Hydrogen and Ammonia Production Project is a $400 million project in Abu Dhabi that will produce 200 MW of green hydrogen and ammonia. Both the Korean company LTechUVC and the UAE company AL FATTAN Holding Investment will take part in the project. Currently, business agreements, investment agreements (LOI), SPC creation, and even investment contracts are used to carry out the business process.
LTechUVC, a Korean company, is a green energy company with business areas such as domestic hydrogen fuel cell-based eco-friendly convergence business, fuel cell power generation business, EV charging platform business, and global green hydrogen and ammonia manufacturing business. Lee Ji-young, CEO of LTechUVC, said, "Through this investment, we will strengthen the construction of hydrogen supply chains with the aim of realizing a global carbon-neutral hydrogen society and establish ourselves as a leader in the green hydrogen and ammonia markets."
The project will be carried out by AL FATTAN Holding Investment's subsidiary AL FATTAN Energy, a UAE business with vast experience in the nuclear, oil and gas, and renewable energy sectors.
The two businesses decided to supply the created green ammonia for ammonia hybrid power generation in March and formed the special purpose corporation (SPC) AL FATTAN LTechUVC Green Energy LLC for the manufacture, supply, and utilization of green hydrogen and ammonia.