ATOME Energy PLC (AIM:ATOM) hailed the “material and rapid” progress made as it reported its first full-year results since formation, counting more progress than was expected at the time of its initial public offer.
It reported a US$5.9mln loss that it said was in line with expectations, reflecting the increased level of activity and developments across its project portfolio.
The green hydrogen, ammonia and fertiliser company, which was formed in October 2021 and floated in London in December that year, recently raised US$4.6mln as part of a new collaboration with engineering giant Baker Hughes.
This topped up its coffers that contained US$3.45mln at its year-end of 31 December 2022, thanks to a US$4.3mln fundraising shortly beforehand.
During the past year, the AIM-listed company signed a power purchase agreement for its first-phase 120 MW project in Paraguay, made progress on a 300 MW second-phase project in that country, created a Mobility Division to provide clean energy solutions for heavy road transport and shipping, ordered a first electrolyser due for delivery later this year, progressing Icelandic plans and moved into Costa Rica via a new joint venture with a substantial local partner.
Chief executive Olivier Mussat said the most significant event for the company during the year was last May’s signing of a long-term 60MW power purchase agreement with Paraguay’s state energy company ANDE, which was doubled later in the year, and followed by land purchased for the site and appointing engineering contractors and banks to raise project finance.
He said: “The increase in hydrocarbon and fertiliser prices, together with the international emphasis on environmentally necessary green commodities and security of supply, has provided a very fertile end market for ATOME's planned production.”
Looking to the current financial year, he said: “We look forward to delivering further material progress during the balance of 2023.”
He said ATOME expects a final investment decision on its first phase flagship project in Paraguay in the fourth quarter of this year, with the start of full industrial-scale production targeted for 2025.
“We intend to develop a pipeline of new international projects in other jurisdictions as we become increasingly recognised as a leading first-mover developer in green hydrogen and ammonia."