Brazilian chemical company Unigel announced plans to invest up to $1.5 billion in its Bahia facility to produce green hydrogen on an industrial scale, becoming the first company in the country to do so.
The plant, located in the city of Camaçari is set to open its first phase by the end of 2023, with plans to increase capacity to produce 100,000 tonnes of hydrogen by 2027, or 600,000 tonnes of ammonia, one of its derivatives.
Thyssenkrupp Nucera will supply electrolysers for the production of green hydrogen at a factory to be built by Unigel. The factory, which was announced by Unigel in July with an initial investment of $120 million, will convert wind or solar energy into hydrogen.
Unigel President Roberto Noronha Santos stated that initially, the majority of the plant's production will be exported to regions such as Europe to fulfill the need for products that decrease or completely eliminate carbon emissions.
Additionally, the company, established in 1966, is considering options to raise funds for the next phases of the project, which may include joint ventures and an IPO, as stated by Executive Director Luiz Felipe Fustaino.
The company attempted to debut on the Sao Paulo stock exchange in August 2021 but withdrew due to unfavorable market conditions.
However, it has obtained registration as a public company and, with recent regulatory changes implemented by the Brazilian securities regulator CVM, it will be able to sell shares using a more streamlined process than before.
