Type to search

Eat & Beyond’s Portfolio Company, Purpose ESG, is Supporting Energy Transition

Eat & Beyond’s Portfolio Company, Purpose ESG, is Supporting Energy Transition

Listen to this story:
  • Green ammonia is a safe & cost-effective medium for transporting hydrogen
  • Large-scale green ammonia projects are ongoing in Australia, Japan, USA, Saudi Arabia
  • Purpose ESG is contributing to global team integration & project planning

Eat & Beyond Global Holdings Inc. (CSE: EATS) (OTCPK: EATBF) (FSE: 988) (“Eat & Beyond” or the “Company”), an investment issuer focused on the global plant-based and alternative protein sector is pleased to announce that its portfolio company, Purpose ESG Holdings Inc. (“Purpose ESG”), an investment issuer building a portfolio of Clean Tech companies that support environmental, social, and governance (ESG) outcomes, is supporting the global energy transition away from fossil fuels by contributing to a leading global industrial group’s project to develop “green ammonia” in Canada.

“We’re all facing the effects of global warming today. To achieve significant progress, we must take large-scale action to reverse growing global CO2 emissions,” said Purpose ESG’s CEO, Young Bann. “That’s why Purpose ESG invests in companies using innovative strategies to reduce CO2, such as Carbon Upcycling, which uses CO2 to create value by producing advanced materials for the cement industry.

See related article: University of Kansas Opens Welcome Center Powered by Renewable Energy Infrastructure from Black & Veatch

Beyond that, we’re also working in partnership with global industrial groups to support more transformative measures, such as Energy Transition, especially through hydrogen. That’s where our green ammonia partnership project comes into play.”

Hydrogen (H2) is considered one of the green fuels of the future. Purpose ESG expects hydrogen to follow the trend of other Energy Transition enablers – such as solar, wind and EV batteries – to decrease costs and increase commercial viability. Among the drivers supporting hydrogen’s rise as a clean energy enabler is support from the public, governments and the investment community, as well as advances in R&D and manufacturing.

One key strategy for realizing hydrogen’s potential is through green ammonia, which is a safe and cost-effective medium for transporting hydrogen.

Green ammonia represents multiple advantages that have spurred a global race for leadership: Australia, Japan, the Netherlands and the UK plan to use green ammonia to store and export renewable energy surpluses; in the United States, the world’s largest ammonia producer, CF Industries, is expediting the development of its flagship green ammonia plant; and Saudi Arabia’s plans are to open the world’s largest green ammonia plant.[1]

Green ammonia’advantages:

  • Less expensive to transport due to liquefying at -33 degrees C (versus -253 degrees C for H2)
  • Safe and easy to store as a liquid (hydrogen needs to be stored at high pressure and is explosive under certain conditions)
  • Can be shipped via existing infrastructure and the current global fleet of container ships used to transport conventional ammonia for the fertilizer industry
  • Produced using clean renewable energy and an electrolyzer (in contrast, conventional ammonia production has high emissions due to relying on cracking coal or natural gas)
  • Can be produced anywhere in the world that has competitive electricity costs, therefore production can more easily be located near end users

Purpose ESG’s contributions toward the global industrial group’s project to develop green ammonia in Canada include:

  • Incubating the project from initial concept through advanced planning
  • Orchestrating required project expertise by integrating local and global teams
  • Simulations for business variables such as production locations and logistics

Purpose ESG’s CEO, Young Bann, added: “Purpose ESG is excited to be part of green ammonia’s market emergence through our contribution to this project, we consider our involvement in this global partnership to also be aligned with our core values.”

Source: GlobeNewswire


Related Articles