ATOME Energy PLC (AIM:ATOM) is exceeding its goals in Paraguay, solidifying its position as a world leader in green fertiliser project development.
The company is capitalising on Paraguay's unique advantages, including an abundance of low-cost green electricity and a central location in South America's massive fertiliser import market.
Phase 1 of the Villeta project is on course to reach financial investment decision (FID) by the end of the year. Construction will commence immediately after, with an expanded green fertiliser project expected to be operational by the end of 2025.
In the first half of 2023, ATOME has made significant strides in project development. The company has also formed a joint venture with the National Ammonia Corporation (NAC) in Costa Rica, further diversifying its portfolio.
"This second half of the year is an exciting time for our project progression, and we look forward to delivering further positive news as we progress towards FID on our first project. We view the outlook for ATOME with significant confidence," said chairman Peter Levine.
For the six months ended 30 June 2023, ATOME posted a loss of $2.9 million. It exited the period with net cash of $3.6 million.