Business ‘ideally placed’ to decarbonise key sectors
Atome Energy, the green hydrogen and ammonia production company which is to spin out from President Energy has released its full year results for the period ending 31 December 2021.
The green-energy business which listed on the London Stock Market on 30 December 2021 noted that it made a loss for the period of c.£1.7m including c.£554,260 of listing related expenses and c.£950,000 of expenditure which had been agreed with founding shareholders and incurred prior to its spin out from the Leeds-based President Energy.
Noting that the full year results only account for two days of trading on the stock market, the firm’s chief executive Olivier Muscat focused on the future with his comments.
He said: “At the time of Admission to AIM we had our two core projects in Paraguay and Iceland, both substantive in nature and providing significant opportunity for fundamental increase in shareholder value extending into the future. Hindsight, together with subsequent events, has fortuitously shown ATOME to be the right company at the right time for the green energy market.”
Ahead of the listing the business secured £9m of funding with Muscat noting that since December 2021 the business through a new division created in February and other work is exceeding “the original expectations at the time of the IPO both in scale and timing” of the business.
The CEO added that looking ahead he and the board were confident that Atome would benefit from changing market conditions and the continued global focus on the environmental agenda.
He said: “Atome is ideally placed to help decarbonise energy, transport and agriculture. The increase in hydrocarbon and fertiliser prices, together with the international emphasis on environmentally necessary green commodities, has provided a very fertile end market for Atome’s planned production and we have ever increasing confidence backed by industry interest in us that there will be robust demand for our production which will support strong economics for our business, with profitability and sustainability going hand in hand.”
He concluded that 2022 would bring “further material progress” as the business brings its projects on-line and that it plans to continue to develop its pipeline of new international projects beyond the markets it is already operating in within Paraguay and Iceland.