Atome, the developer of green fertiliser projects, has reported a loss of US$2.8 million for the first half of 2024.
The company, which is listed on the London Stock Exchange, aims to be the world’s first producer of 100% green Calcium Ammonium Nitrate (CAN) product on an industrial scale.
It intends to produce green CAN at a flagship project in Paraguay – the Villeta project will be based near the capital city of Asuncion, on the River Paraguay.
Atome aims to produce up to 264,000 tons per year of green CAN fertiliser from the project which it said will displace up to 500,000 tons of CO2 per year in emissions.
Last month Yara signed a heads of terms agreement for the long-term sale to Yara of all of Atome’s yearly production capacity of renewable fertiliser from its 145MW Villeta Project.
Atome
In a trading update released today (Monday, August 19), Atome detailed that there had been “positive progress on the project financing for the Villeta project” and provided an update on its other projects in Costa Rica and its second Paraguay project in Yguazu.
It highlighted details of a Framework Collaboration Agreement with ICE, Costa Rica’s state-owned power company and also a pre-power purchase agreement studies for the 300MW Yguazu project
Its latest set of financial results show that for the six months to the end of 30 June 2024, Atome recorded a loss of US$2.8 million, compared to last year’s half year results of US$ 2.6 million and also detailed US$6.2 million of costs capitalised in relation to the Villeta Project.
The company also raised US$2.9 million from share placings in February and March of this year.
In a joint statement its chair Peter Levine and chief executive, Olivier Mussat, said that Atome had made “considerable progress” in the six month period and had developed into “a world leader in green fertiliser”.
“The Villeta project is expected be the largest green fertiliser production facility in the world when it comes on stream, which is currently projected for late in 2027, and has the capability of serving and decarbonising food value chains across South American, Europe and Asia,” they said.
Levine and Mussat also provided an update on the company’s current position in today’s trading statement.
They said: “The Villeta project is expected be the largest green fertiliser production facility in the world when it comes on stream, which is currently projected for late in 2027, and has the capability of serving and decarbonising food value chains across South American, Europe and Asia.
“The 300MW Yguazu Project in Paraguay, with power already reserved, is nearly triple the size and capacity of Villeta and could come some 18 months later.
“The Costa Rica project will be of a similar size to Villeta and Atome is well placed to capitalise on the country’s strategic position and world-renowned premium food industry”.