Atome Energy shares debut in London today, as the power sector looks towards green hydrogen amid the sustainable energy push.
President Energy, which owns a stake of Atome, saw its shares plunge by 19 per cent to 2.03p per share near market close after selling off a chunk of the newly-listed company.
The green hydrogen and ammonia production company listed on London’s AIM market with an initial valuation of £26m.
The listing comes as the energy industry explores green hydrogen options in a bid to decarbonise the sector, which plays a key role in tackling the climate crisis.
“Directors believe that Atome has… a significant opportunity to fast track and be at the forefront of the international development of green hydrogen and ammonia as future fuel,” it said in a regulatory filing today.
The float seeks to raise some £9m at 80p per share and comes as it wraps up a £6m placing – through which board members and management made significant contributions, the company said.
CEO Oliver Mussat, formerly the Chief Investment Officer for Global Energy at IFC, part of the World Bank Group, said: “Today marks an important milestone for both Atome and the London market’s place in the transition to a green economy.
“We have assembled a green-focused board whose complementary skills and experience across the energy value chain demonstrate that we can deliver these projects.”
The company expects the popularity and cost of green hydrogen and ammonia fuels to take off, explaining that ammonia, a key component in fertilisers, has doubled in price over the last twelve months to over $1,000 per tonne due directly to the substantial rise in the cost of natural gas.
It looks well positioned to capitalise on the wholesale price spike across Europe, however, investors were seemingly unconvinced by the relatively new energy option.