02:24 PM EDT, 08/08/2024 (MT Newswires) -- Navigator Holdings ( NVGS ) has made a $2.5 million commitment to fund preliminary work on a proposed facility on the Gulf Coast of Texas that would produce and export "green" and "blue" ammonia that eventually could be used as a low-carbon, high-density energy source.

In return for its initial funding for Ten08 Energy alongside lead investor Attis Clean Energy, Navigator received an option to invest up to $100 million in the hybrid green and blue ammonia project.

The companies are seeking to create a clean ammonia production and export facility slated to start operations by early 2030 using ammonia-powered carriers operated by Navigator to bring ammonia to Ten08 customers in Europe and Asia, they said.

Price: 15.48, Change: +0.10, Percent Change: +0.65