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KKR + Vortex portfolio company Ignis to launch green hydrogen and ammonia platform: US private equity firm KKR and Spanish renewable group Ignis — a portfolio company of ADGM-domiciled company Vortex Energy — are partnering to create a new platform for developing green hydrogen and ammonia projects targeting hard-to-abate-sectors, according to a press release.
By the numbers: KKR will invest up to EUR 400 mn into the JV, with both companies owning 50% of the platform, dubbed IGNIS P2X. The platform will start with a pipeline of 20 GW of projects and 10 GW of renewable projects in Spain and globally.
More details: IGNIS P2X will develop plants for producing green hydrogen, ammonia, e-methanol, e-fuels, renewables, and sustainable aviation fuel (SAF), serving industries like refining, steel, chemicals, and fertilizers.
KKR is looking to invest big in climate: The firm announced that it was looking to raise as much as USD 7 bn from its first planned climate transition fund back in December. The fund will scope out green mobility, battery storage, and decarbonization projects across the US, EU, and Asia Pacific markets, with plans to earmark between USD 300 and 750 mn for each venture.
