Allianz Capital Partners is acquiring a minority interest in Norwegian green hydrogen and green ammonia production plants developer Fuella.

The asset manager is investing €20m, on behalf of Allianz insurance companies, to help fund Fuella’s pipeline of projects. 

Established in 2020, Fuella develops commercial-scale green hydrogen and green ammonia projects.

Michael Pfennig, co-head of infrastructure at Allianz Capital Partners, said Fuella is Allianz’s second direct investment into green hydrogen and is building upon the firm’s most recent investment in Finnish green power-to-gas developer Ren-Gas.

In December last year, Allianz invested €25m for a minority stake in Ren-Gas. At the time Allianz said it would be entitled to invest in the Ren-Gas’s future green power-to-gas projects in Finland.

Pfennig added: “The investment in Fuella aligns perfectly with our overall energy transition infrastructure investment strategy and underlines the importance we attribute to green molecules for the energy transition in Europe.”

Igor Lukin, senior portfolio manager at Allianz Capital Partners, said: “With our second power-to-gas platform investment in the Nordics we underline the great potential we see for the production of green molecules in the region. We are very proud of partnering with the innovative and motivated team of Fuella and look forward to driving the expansion of this promising platform with many more projects in the future.”

Cornel Russi, co-CEO of Fuella, said: “Norway is very well positioned for the production of green molecules. We are delighted to have Allianz as our partner in accelerating the development of our green ammonia projects.

“Their investment and expertise in the energy transition sector will significantly enhance our capabilities and expedite the execution of our project portfolio.”

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