OHLHAVER & List (O&L) has pulled the plug on its investment in Cleanergy Solutions, one of the projects under the green hydrogen umbrella.
This comes less than two months after the first large-scale, solar-powered hydrogen production plant was launched.
Cleanergy Solutions is a joint venture between O&L and CMB Tech established in 2022.
O&L held a 51% shareholding, and Belgian-owned CMB Tech held 49%.
In a letter addressed to employees on Friday, O&L chief executive Sven Thieme says H2Infra NV, which is a subsidiary of CMB Tech, will acquire all the shares held by O&L.
Thieme says the company will be focusing on its core business.
“This shift enables us to sharpen our focus on strengthening our core business and pursuing new opportunities that bring us closer to vision 2029,” says Thieme.
The deal is still pending approval from the Namibian Competition Commission.
Thieme adds that the company looks forward to collaborating with CMB Tech on other projects in the future.
According to the Cleanergy website, the project will produce ammonia for maritime shipping and develop a green hydrogen refuelling station at Walvis Bay.
It will provide green hydrogen for trucks, port equipment, railway applications and small ships.
In September the project marked a first step in establishing Namibia as a key hub in global green maritime corridors.
Cleanergy says the project will expand to include an ammonia jetty and storage facility, before scaling up hydrogen and ammonia production for export to South Africa and the European Union (EU), an investment estimated at €3 billion.
The site features a solar-powered, off-grid electrolyser that produces green hydrogen, a refuelling station for hydrogen-powered vehicles and industrial applications, and a hydrogen academy to train Namibians in hydrogen technologies.
The total investment for the project is estimated at €3 billion (approximately N$65 billion).
The project is part of the EU’s global gateway strategy, which makes €1.3 billion (about N$25 billion) in loans and grants available for Namibia’s green industrialisation and unlocks over €20 billion (N$400 billion) in potential private investments.
Last week the company announced it is finalising the engineering design of a N$5-billion ammonia storage tank at the Port of Walvis Bay.
The planned storage tank will have a capacity of 55 000 tonnes and will enable large-scale ammonia exports while supplying ships with clean fuel.
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