Funding Ammonia Propulsion
Norwegian state enterprise back construction of two ammonia-powered bulk carriers
Amon Maritime has secured a NOK 253 million investment grant from Norwegian state enterprise Enova to support the construction of two “groundbreaking newbuilds”, the Amon Bulk 1 and Amon Bulk 2 – which the company says will be among the world’s first large bulk carriers powered by ammonia.
Enova is owned by Norway’s Ministry of Climate and Environment and is tasked with contributing to meeting Norway’s climate commitments and promoting effective climate and energy transition measures on the path to a low-emission society.
The grant is awarded under Enova’s programme for ammonia-powered vessels and “marks a major step” toward its 2050 targets.
The Amon Bulk 1 will be capesize bulk carrier and the Amon Bulk 2 kamsarmax.
“The technology is still new. Now we will support the industry in building experience,” says Nils Kristian Nakstad, Managing Director of Enova.
“If we are going to succeed in cutting emissions from ocean transportation, we need to go for solutions that can grow in scale towards 2050.”
Amon Maritime CEO André Risholm says that the company is “taking a significant step toward decarbonising bulk trades in deep-sea shipping with ammonia fuel. He adds: “The capesize and kamsarmax segments are ideal for ammonia adoption. These vessels have high fuel consumption and operate on established routes for industrial clients with strong climate ambitions. This combination enables both substantial environmental impact and solid commercial viability.”
Funding for US Battery production
Swedish maritime battery system supplier Echandia has obtained new long-term financing from S2G Investments (S2G), a multi-stage firm with a dedicated oceans strategy. The investment is made as part of Echandia’s most recent funding round, announced in March 2025, and brings the total funding round to SEK 325 million (USD $34 million). It marks a major milestone in the company’s plan to accelerate maritime electrification worldwide.
S2G is Echandia’s first US-based investor, aligning with the company’s growing presence in North America, including its new production facility in Marysville, Washington. The company says the investment will fund the scale-up of its production capacity, accelerate its US market presence, and advance R&D initiatives aimed at extending the performance and durability of its technology.
“This is a major milestone for Echandia, and we are excited to accelerate our global expansion with S2G on board,” said Torbjörn Bäck, CEO of Echandia. “S2G brings deep experience in maritime and energy system transitions, and we’re proud to have a mission-aligned partner supporting our growth. With North America serving as a critical growth region, we believe we’re well-positioned to help operators cut emissions and hedge against fuel price volatility, while enhancing vessel performance.”
According to Echandia its lithium titanate oxide (LTO) battery systems are purpose-built for the unique demands of maritime operations, offering high safety, long lifespan, and low maintenance performance in heavy-duty environments where today’s conventional lithium-ion or diesel systems often fall short.
Image Caption: Amon Bulk ammonia fuelled projected new builds
22/08/2025
get
in touch
Constructive Media
Constructive Media
Hornbeam Suite
Mamhilad House
Mamhilad Park Estate
Pontypool
NP4 0HZ
Tel: 01495 239 962
Email: ibia@constructivemedia.co.uk
On behalf of:
IBIA London Office
Suite Lu.231
The Light Bulb
1 Filament Walk, Wandsworth
London, SW18 4GQ
United Kingdom
Tel: +44 (0) 20 3397 3850
Fax: +44 (0) 20 3397 3865
Email: ibia@ibia.net
Website: www.ibia.net
Emails
Publisher & Designer: Constructive Media
ibia@constructivemedia.co.uk
Editor: David Hughes
anderimar.news@googlemail.com
Project Manager: Alex Corboude
alex@worldbunkering.net