Norwegian fertiliser maker Yara steps into green energy

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Norwegian fertiliser producer Yara International on Tuesday announced it was betting on green energy, as it reported higher annual profits.

The company said it was creating a new business unit, dubbed “Yara Clean Ammonia,” in order “to capture growth opportunities within carbon-free food solutions, shipping fuel and other clean ammonia applications.”

The base component for nitrogen fertiliser, the compound of nitrogen and hydrogen is an efficient vector for energy storage and distribution.

It can be used to extract hydrogen but also directly as a carbon neutral fuel in thermal power plants and industrial furnaces.

Yara is working on a pilot project to produce what it calls clean ammonia at a plant in Porsgrunn, southeastern Norway, that is now fuelled by natural gas.— AFP