ATOME PLC (AIM:ATOM) has reported on a period of "considerable progress" as it reported on its first half, and the company moves closer to launching the Villeta low-carbon fertiliser project in Paraguay.
During the first half year, ATOME signed a US$465 million engineering contract with Casale for Villeta and secured Hy24 as anchor equity investor with a planned US$115 million contribution.
The company also created the ATOME Power subsidiary to develop a 400MW solar facility in Paraguay.
"The Villeta project is expected be the largest low-carbon fertiliser production facility in the world when it comes on stream," chief executive Olivier Mussat said.
"With news of signing the definitive offtake agreement with Yara, constitution of the Project equity club and of the multilateral lenders in the project financing expected in the coming weeks, we will then be well set to navigate our course for FID and commencement of construction by the end of the year".
"The team has been very busy over the summer and shareholders can now expect an increasing flow of market announcements as we move to the final phases towards FID."
In terms of its financials, ATOME, a pre-revenue company, reported a net loss of $2.50 million, in line with a $2.54 million loss a year ago. It capitalised some $6.60 million of costs related to its flagship Villeta low-carbon fertiliser project in Paraguay, and ended the half with $360,000 of cash.
Subsequently, in July, ATOME secured a provisional commitment of up to $135 million in senior debt from the European Investment Bank, and, agreed $50 million in concessional finance from the Green Climate Fund via the International Finance Corporation, part of the World Bank.
Looking ahead, ATOME's outlook would appear upbeat and expansive.
"With a growing pipeline of potential projects, including relating to ATOME POWER, once Villeta is under construction, our company will be uniquely positioned to expand its platform and exploit the benefit of its position, know-how, developed engineering and design, management expertise and commercial offtake experience to take advantage of opportunities as they arise," the company said.
"With an exciting rest of the year in prospect and the culmination of what we have been working towards for the last three years we view the outlook for ATOME with growing confidence."