ATOME ENERGY PLC
(“ATOME”, “the Company”, or “the Group”)
New joint venture in Central America
National Ammonia Corporation S.A
TOME Energy (AIM: ATOM), the only pure international green hydrogen and ammonia production
company on the London Stock Exchange with current large scale projects in Europe and South America
as well as hydrogen mobility projects, announces a new joint venture developing green ammonia and
fertiliser projects with the focus on Central America and the Caribbean.
ATOME has entered into a joint venture with Cavendish, the renewable energy arm of Grupo Purdy
S.A., one of the largest corporations in Costa Rica. ATOME and Cavendish have established a new
enterprise, National Ammonia Corporation S.A (“NAC”), owned equally with Cavendish and
headquartered in San Jose, the capital of Costa Rica, and which has a mandate to develop projects
across Central America and the Caribbean with its initial focus in Costa Rica.
Costa Rica is a democratic country and open economy and one of the greenest countries in the world.
The country has a 99% penetration of renewable electricity and a strong agriculture sector which is one
of the highest fertiliser consumers per hectare on the planet.
Cavendish, led by its CEO Silvio Heimann, is one of the the leading participants in the infant green
hydrogen market in Costa Rica with complimentary aims and objectives to ATOME. The objectives of
NAC align with ATOME which is focused on countries with renewable power resources and capabilities
combined with access to both domestic and international end markets. Costa Rica’s favourable position
with ports on both the Atlantic and Pacific only separated by some 200kms of landbridge make the
country a logistically excellent location.
Through NAC, ATOME aims to capitalise on its capability to roll out its large scale hydrogen and
ammonia production model now being implemented in Paraguay. In this regard, material and
constructive discussions are already taking place with relevant stakeholders in the areas of focus for
Olivier Mussat, CEO of ATOME, commented: “We are excited as to the potential of NAC. The
establishment of NAC shows the clear intent of ATOME to deploy its innovative business model and
know-how in other geographies.”
“With the Villeta Project in Paraguay, we have taken a significant industry lead that we are able to roll
out and replicate under the right conditions. Our partnership with Cavendish, a company established by
the founders and owners of Grupo Purdy, offers ATOME a very attractive opportunity with a strong local
partner to accelerate the development of a pipeline of international scale projects with strong local
demand for green fertilisers.”
Silvio Heimann, CEO of Cavendish, commented: “We are energised to join efforts with ATOME to
deliver innovative solutions to the domestic and regional markets, as this combination of international
expertise provided by ATOME´s team fits perfectly well with our ability to execute locally.”
Javier Quiros, partner in Cavendish SA and VP Grupo Purdy S.A., commented: “Cavendish was
established by the Quiros Family to boost the development of the green hydrogen technology in Costa
Rica and the region. We see this partnership with ATOME through NAC as a valuable opportunity to
bring our vision to life”.
For more information, please visit https://www.atomeplc.com or contact:
ATOME Energy PLC
Nikita Levine, Investor Relations
+44 (0) 113 337 2210
Beaumont Cornish (Nominated Adviser)
Roland Cornish, Michael Cornish
+44 (0) 20 7628 3396
Liberum (Joint Broker)
Scott Mathieson, Kate Bannatyne
+44 (0) 20 3100 2000
SP Angel (Joint Broker)
Richard Hail, Caroline Rowe
+44 (0) 20 3490 0470
finnCap (Joint Broker)
Christopher Raggett, George Dollemore
+44 (0) 20 7220 0500
Tavistock (Financial PR and IR)
Simon Hudson, Rebecca Hislaire, Charles Baister
+44 (0) 20 7920 3150
The information communicated within this announcement is deemed to constitute inside information as
stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018. The person who arranged for the release of this
announcement on behalf of the Company was Peter Levine, Chairman.
ATOME Energy PLC is an AIM listed company targeting green hydrogen and ammonia production with
over 500-megawatt of projects in Paraguay and Iceland, through its subsidiaries ATOME Paraguay,
which is wholly owned, and Green Fuel ehf, in which ATOME Energy holds a 75 per cent interest,
Since its admission to AIM in December 2021 ATOME has signed its first electrolyser purchase order
for its hydrogen transport Mobility Division due to start generating revenue in 2023 and signed a large
scale 120MW power purchase agreement with ANDE, the state energy company in Paraguay for
production of green hydrogen and ammonia targeted to start operations in 2025.
ATOME is in the process of operational planning, sourcing and negotiations with green electricity
suppliers, equipment providers and offtake partners, including signed memoranda of understanding and
cooperation agreements in place with key parties, to use electricity generated from existing geothermal
sources in Iceland and hydroelectric power in Paraguay. All chosen sites are located close to the power
and water sources and export facilities to serve significant domestic and then international demand.
The Company has a green-focused Board which is supported by major shareholders including Peter
Levine, Trafigura, one of the world’s leading commodity and logistics company, and Schroders, a
leading fund manager.
Cavendish was established in 2022 by the Quiros brothers, a family committed with the environment
and with a long tradition of supporting innovation. Rooted in those convictions and in order to focus on
developing new energies and decarbonising Costa Rica and the wider Central American region through
long term green hydrogen investment projects. Led by the group’s former CEO, Silvio Heimann,
Cavendish is composed of a rapidly growing team of experienced developers in the renewable energy
space and in the mobility industry. Since 2019, Cavendish has been operates a fleet of Toyota Mirais
running solely on Green Hydrogen. Cavendish, along with technological partners, successfully applied
for the NAMA Facility Program to develop innovative solutions for heavy duty trucks in Costa Rica. The
NAMA Facility is a multi donor fund created by the UK and German governments which to date
committed over EUR 668 million to 43 climate positive projects since 2012.
Founded in 1957, Grupo Purdy is a regional leader in the automotive industry. Headquartered in Costa
Rica with an established a presence in the United States, its has activities beyond automotive such as
insurance and financing.