Allianz Ventures into Green Hydrogen with Stake in Fuella

In a significant move towards bolstering the development of green hydrogen and green ammonia projects, Allianz Capital Partners, a leading asset manager, is acquiring a minority interest in Norwegian developer Fuella.

With a strategic investment of €20 million on behalf of Allianz insurance companies, this partnership aims to advance Fuella’s pipeline of commercial-scale projects. This development underscores Allianz’s commitment to sustainable energy and its vision for a greener, more sustainable future.

Established in 2020, Fuella has emerged as a key player in the development of green hydrogen and green ammonia production plants. These eco-friendly molecules hold immense promise in transforming the energy landscape, paving the way for a cleaner, decarbonized future. Fuella’s expertise in this domain has garnered the attention of Allianz Capital Partners, leading to this strategic investment.

For Allianz Capital Partners, this is not the first foray into the green hydrogen arena. Fuella marks Allianz’s second direct investment in green hydrogen projects, building upon the company’s previous investment in Finnish green power-to-gas developer Ren-Gas. Back in December of the preceding year, Allianz invested €25 million to acquire a minority stake in Ren-Gas, signaling its intent to support future green power-to-gas initiatives in Finland.

Michael Pfennig, co-head of infrastructure at Allianz Capital Partners, emphasized the significance of the investment in Fuella, aligning perfectly with Allianz’s broader energy-transition infrastructure investment strategy. As Europe charts its path towards energy transition, green molecules like hydrogen and ammonia are gaining prominence as crucial components of the sustainable energy mix.

Igor Lukin, senior portfolio manager at Allianz Capital Partners, expressed optimism about the potential for green molecules’ production in the Nordics. The partnership with Fuella presents a unique opportunity to tap into the region’s vast potential and support the production of green hydrogen and green ammonia.

Cornel Russi, co-CEO of Fuella, highlighted Norway’s favorable position in green molecules’ production. The country’s abundant natural resources and commitment to sustainability make it an ideal location for such projects. The partnership with Allianz is expected to catalyze the development of Fuella’s green-ammonia projects, accelerating their execution and contributing to Norway’s leadership in the green energy transition.

As the world shifts towards more sustainable energy solutions, investments in green hydrogen and green ammonia play a pivotal role in driving the energy transition forward. These eco-friendly molecules hold the potential to revolutionize industries, power transportation, and mitigate carbon emissions, ushering in a new era of sustainable growth.

The partnership between Allianz Capital Partners and Fuella signifies a crucial step towards realizing the promise of green hydrogen and green ammonia. As these renewable energy solutions gain traction, they pave the way for a more sustainable and climate-conscious future. With leading investors like Allianz joining forces with innovative companies like Fuella, the transition to green energy is gaining momentum, creating a world where environmental consciousness and economic prosperity go hand in hand.