Metacon increases its involvement in Pherousa and CO2-free, ammonia-powered deep-sea shipping
Metacon has, through its wholly owned subsidiary Metacon SA increased its shareholding in its Norwegian related company Pherousa Green Technologies AS, now re-named Pherousa AS (“Pherousa”), to approximately 35 percent of the capital. At the same time Metacon and Pherousa have signed a new updated exclusive license agreement for Metacon’s ammonia cracking technology for use on board vessels. Furthermore, Metacon SA has entered as a project partner in the EU-funded technology project Safecraft, accessing a total of KEUR 265 in project funding.
Cordia AS, a Norwegian entity ultimately controlled by the Chairman of Pherousa, Mr. Hans Bredrup, has simultaneously increased its shareholding in Pherousa to approximately 50 percent. Within the framework of Metacon's and Pherousa's developed business strategy, Metacon SA has entered as a project partner in the EU-funded technology project Safecraft, consisting of 11 different parties from six different countries and through this receives project funding of approximately KEUR 265 over 36 months.
Prior to the transaction, Pherousa has also acquired and fully integrated the previously independent company Pherousa Green Shipping AS, whose operations include the design and planned construction of six large ammonia-powered cargo vessels based on the Finnish shipbuilder Deltamarin's Ultramax model. Metacon thus becomes an indirect shareholder in this wholly owned subsidiary of Pherousa. In 2024, Pherousa's operations have continued, in close collaboration with two of the world's largest marine classification societies, examining the design with focus on being able to provide a so-called Approval in Principle (AiP) for Pherousa's and Metacon's ammonia-based technology for ships.
"I am pleased to see the significant developments in Pherousa and the foundation we now created for being able to move towards vessel implementation and commercialisation. Ammonia remains the only CO2-free solution for deep-sea shipping decarbonization, with both fuel cell and combustion engine options for the marine drive trains. Should we manage to prove the viability of our cracking technology onboard ships, the future market could be limitless", says Christer Wikner, CEO of Metacon and board director of Pherousa.
This information is information that Metacon AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above, at 13:00 CET on 29 January 2025.
For further information, please contact Christer Wikner, by phone + 46 707–647389 or e-mail info@metacon.com
To read the press release from Pherousa, visit www.pherousa.no
About Metacon AB (publ)
Metacon AB (publ) develops and manufactures energy systems for the production of fossil-free "green" hydrogen. The products in the Reforming business unit are based, among other things, on a patented technology that generates hydrogen through catalytic steam reforming of biogas or other hydrocarbons. The development of Metacon's reforming products is carried out within the wholly owned subsidiary Metacon S.A in Patras, Greece. The business is focused on catalytic process chemistry and advanced reformers for high-efficiency hydrogen production.
Metacon also offers complete electrolysis plants to produce hydrogen and integrated hydrogen refueling stations, a large and globally growing area within green hydrogen. Electrolysis is a process of driving a chemical reaction to split water by adding electricity. If the electricity used is fossil-free, the hydrogen will also be fossil-free and climate-neutral (“green”). Green hydrogen can be used in the transport sector, basic industry and the real estate sector, among others, with a better environment and climate as a result.
For more information please see:
www.metacon.com | X: @Metaconab | LinkedIn: www.linkedin.com/company/metaconab
About Pherousa
Pherousa AS is Norwegian technology transfer company within the maritime industry. Pherousa develops its own technology and offers consulting services to help their customers navigate through the transition to ZERO emissions.
Pherousa is continuously developing advanced solutions for efficient and ZERO emission shipping. A key measure of the feasibility of zero-emission shipping is whether ships can carry enough fuel to service existing legs and voyages. With hydrogen being the only realistic option for such ZERO emissions, this is still a challenge for deep-sea such as trans-Atlantic and trans-pacific shipping routes. Due to compressed hydrogen’s limited volumetric energy density, storing hydrogen for voyages longer than a couple of days is a major challenge. In addition, bunkering infrastructure for hydrogen does not exist yet. In these situations, green ammonia could be the only viable carbon-free solution.
For more information please see:
www.pherousa.no | LinkedIn: www.linkedin.com/company/pherousa-as/