NEW YORK, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Brooge Renewable Energy Ltd, (“BRE” or the “Company”) (NASDAQ: BROG), a Cayman Islands-based and wholly-owned subsidiary of Brooge Energy Limited focused on providing green energy related infrastructure intended to accommodate the necessary energy transfer from fossil fuels into energy produced from renewable resources, announced today the successful completion of the Feasibility Study for its Green Ammonia Project in Abu Dhabi, United Arab Emirates.
On August 11, 2022, the Company announced that it engaged EY to conduct the Feasibility Study for its Green Ammonia Project in Abu Dhabi, UAE. The successful delivery of the final report was ensured under the guidance and leadership of the Company’s interim CEO, who has been playing a key role in the Company’s environmental initiatives over the past decade.
Green ammonia has gained widespread recognition as an efficient and clean carrier of green hydrogen, poised to play a crucial role in meeting global decarbonization targets by 2050. Recognizing its potential, the Company has taken the initiative to develop a green ammonia plant, which will contribute significantly to both UAE's and the world's net-zero targets.
The Green Ammonia Project will establish a world-class export-focused green ammonia production facility with capacity of 1950 Tons Per Day (TPD). The project will be executed in two phases, with Phase-I commissioning 300 TPD. The Company is projected to solidify its lead in the green ammonia market by commissioning its approximately 685 Kilo Tons Per Annum (KTPA) green ammonia production, positioning the Company strategically in the competitive global landscape.
With its strong production capacity, the Company is in the process to secure strong off-take ties in the identified markets of Europe and Asia, capitalizing on its early mover advantage. This strategic move will enable the Company to tap into the lucrative export market of 18 million Tons Per Annum (MTPA) of Green Ammonia in these regions.
A key advantage of the BRE Green Ammonia Project is forecast to be its cost competitiveness as compared to exports from other regions such as Australia, North America, and Latin America. This competitive advantage is attributed to two critical factors including the projected lower cost of production due to favorable renewable energy prices and the lower freight cost to key end-markets. As a result, green ammonia export from the Middle East into Europe and Asian markets is projected to set new benchmarks in the industry. The project is expected to be commercially feasible with an attractive internal rate of return (IRR).
"We are extremely pleased to announce the successful completion of the Feasibility Study for our Green Ammonia Project," said Lina Saheb, Interim CEO of Brooge Energy Limited. "With our early mover advantage and strategic location, we are confident that our export-focused green ammonia production facility will not only meet the rising global demand for green hydrogen carriers, but also contribute significantly to the UAE's and the world's net-zero targets. We remain committed to driving sustainable solutions that benefit both our environment and the global economy."
About Brooge Renewable Energy Limited
Brooge Renewable Energy Ltd, is a Cayman Islands-based and a wholly owned subsidiary of Brooge Energy Limited, focusing on green energy related infrastructures activities that are intended to accommodate the necessary energy transfer from fossil fuels into energy produced from renewable resources.
Forward-Looking Statements
This press release contains statements that are not historical facts, including the Company’s anticipated shift towards green energy and targeted production at BRE’s planned Green Hydrogen and Green Ammonia plant, and constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements reflect management’s current views based on certain assumptions, and they involve risks and uncertainties. Actual results, events or performance may differ materially from the forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including availability of labor and other resources needed to for completion of the new plant, timing of obtaining regulatory approvals needed with respect to the new facility, the Company’s ability to complete construction and initiate operations of the new facility on the anticipated timeline or at all, the Company’s ability to maintain the lease for the new facility, and other risks described in public reports filed by Brooge Energy with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Brooge Energy does not undertake any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact
KCSA Strategic Communications
Valter Pinto, Managing Director
+1 212-896-1254
BROG@kcsa.com
