On March 25, 2025, IHI Corporation, Hokkaido Electric Power Co., Inc., Mitsubishi Gas Chemical Company, Inc., Mitsui O.S.K. Lines, Ltd., Mizuho Bank, Ltd., and Tokyo Century Corporation announced the signing of a Memorandum of Understanding (MoU) to explore investment opportunities in a green ammonia production project under development in Odisha, eastern India, according to MOL's release.
The project, in collaboration with ACME Group, aims to establish a facility producing approximately 400,000 tons of green ammonia annually by 2030.
The produced ammonia is intended for safe transport to Japan, serving domestic users such as power generation companies and chemical manufacturers.
Ammonia, traditionally used as a raw material for fertilizers and chemicals, is gaining attention as a next-generation clean energy source due to its non-CO₂-emitting combustion properties. It holds potential for decarbonization in various sectors, including fuel utilization in power plants and ships, with significant demand anticipated in the future.
The six companies plan to leverage their expertise in ammonia production, transportation, and utilization, along with international economic cooperation and development support, to evaluate the establishment of a special purpose company (SPC) for ammonia production and investment participation.
This initiative aligns with Japan's broader efforts to establish ammonia supply chains. For instance, IHI Corporation, Hokkaido Electric Power, Hokkaido Mitsui Chemicals, Marubeni Corporation, Mitsui & Co., and Tomakomai Futo have initiated a joint study to establish an ammonia supply chain based in the Tomakomai area of Hokkaido, Japan. Similarly, Japan Petroleum Exploration Co., Mitsubishi Gas Chemical Co., IHI Corporation, Mitsui & Co., and Mitsui O.S.K. Lines have commenced a joint study for establishing an ammonia supply base in the Soma area of Fukushima Prefecture.
IHI Corporation is a heavy-industry manufacturer in Japan, specializing in engineering, construction, and manufacturing across various sectors, including energy and aerospace.
Hokkaido Electric Power Co., Inc. is a regional electric utility company serving Hokkaido, Japan's northernmost island, focusing on power generation, transmission, and distribution.
Mitsubishi Gas Chemical Company, Inc. is a diversified chemical company producing a wide range of products, including basic chemicals, advanced materials, and specialty chemicals.
Mitsui O.S.K. Lines, Ltd. is one of the world's largest shipping companies, offering international marine transportation services, including bulk carriers, tankers, and container ships.
Mizuho Bank, Ltd. is a major Japanese bank providing a wide range of financial services, including banking, trust, securities, and asset management.
Tokyo Century Corporation is a financial services company offering leasing, installment sales, and other financial products, with a focus on equipment leasing and specialty financing.
ACME Group is an Indian renewable energy company engaged in solar power generation and the production of green hydrogen and ammonia.