LSB Industries and Amogy Announce Collaboration Agreement to Develop End-to-End Supply Chain of Low-Carbon Ammonia as Transportation Fuel
25 Mayo 2023 - 6:03AM
Business Wire
LSB Industries, Inc. (“LSB” or “the Company”), (NYSE: LXU) and
Amogy Inc. (“Amogy”) today jointly announced they have entered into
a memorandum of understanding (MOU) aimed at promoting the adoption
of low-carbon ammonia as a marine fuel, initially for the U.S.
inland waterways transportation sector. Through joint efforts, the
companies will focus on advancing the understanding, utilization,
and advocacy of low-carbon ammonia as a sustainable fuel.
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Pursuant to the MOU, the companies will collaborate on the
evaluation and development of a pilot program that integrates LSB’s
low carbon ammonia and Amogy’s ammonia-to-power solution. Upon
successful completion of the evaluation and pilot program, the
companies expect to further collaborate on a larger-scale
development, including exploration of opportunities for development
of an end-to-end supply chain of low carbon ammonia and deployment
of Amogy technology across multiple applications, including
maritime vessels. The evaluation and pilot program includes
potential engagement with other parties across the ammonia value
chain. The two parties will also collaborate on various advocacy,
education, and outreach efforts regarding the use of ammonia as a
fuel.
President, and Chief Executive Officer of LSB Industries, Mark
Behrman, stated, “Our vision at LSB is to be a leader in the energy
transition through the production of low and no carbon products.
This collaboration agreement is an exciting step in our journey
toward achieving our goals and we’re thrilled to be working with
such an outstanding partner in Amogy.”
“We’re delighted by this opportunity to work with LSB to advance
the development of a low-carbon ammonia supply chain primarily in
the US,” says Seonghoon Woo, CEO of Amogy. “The success of this
collaboration will be a key step toward solidifying ammonia's
position as a comprehensive solution for decarbonizing the
commercial transportation sector across the entire value chain,
from the upstream production to the downstream usage.”
About LSB Industries, Inc.
LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma,
is committed to playing a leadership role in the energy transition
through the production of low and no carbon products that build,
feed and power the world. The LSB team is dedicated to building a
culture of excellence in customer experiences as we currently
deliver essential products across the agricultural, industrial, and
mining end markets and, in the future, the energy markets. The
company manufactures ammonia and ammonia-related products at
facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor,
Oklahoma and operates a facility for a global chemical company in
Baytown, Texas. Additional information about LSB can be found on
our website at www.lsbindustries.com.
About Amogy
Amogy offers ammonia-based, emission-free, high energy-density
power solutions to decarbonize transportation for a sustainable
future. Founded in 2020 by four MIT PhD alumni with a shared
vision, Amogy aims to enable the decarbonization of the heavy-duty
transportation sector, accelerating the global journey towards Net
Zero 2050. The company’s investors include Amazon’s Climate Pledge
Fund, AP Ventures, SK Innovation, Saudi Aramco Energy Ventures and
DCVC. To date, Amogy’s scalable ammonia-powered, zero-emissions
energy system has been demonstrated with success in a drone and
heavy-duty tractor. More info at: www.amogy.co.
Forward-Looking Statements
Statements in this release that are not historical are
forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements, which are subject to known and unknown risks,
uncertainties and assumptions about us, may include projections of
our future financial performance including the effects of the
COVID-19 pandemic and anticipated performance based on our growth
and other strategies and anticipated trends in our business. These
statements are only predictions based on our current expectations
and projections about future events. There are important factors
that could cause our actual results, level of activity, performance
or actual achievements to differ materially from the results, level
of activity, performance or anticipated achievements expressed or
implied by the forward-looking statements. Significant risks and
uncertainties may relate to, but are not limited to, business and
market disruptions related to the COVID-19 pandemic, market
conditions and price volatility for our products and feedstocks, as
well as global and regional economic downturns, including as a
result of the COVID-19 pandemic, that adversely affect the demand
for our end-use products; disruptions in production at our
manufacturing facilities; our ability to complete the preferred
stock exchange transaction on the terms disclosed or at all and
other financial, economic, competitive, environmental, political,
legal and regulatory factors. These and other risk factors are
discussed in the Company’s filings with the Securities and Exchange
Commission (SEC).
Moreover, we operate in a very competitive and rapidly changing
environment. New risks and uncertainties emerge from time to time,
and it is not possible for our management to predict all risks and
uncertainties, nor can management assess the impact of all factors
on our business or the extent to which any factor, or combination
of factors, may cause actual results to differ materially from
those contained in any forward-looking statements. Although we
believe the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results,
level of activity, performance or achievements. Neither we nor any
other person assumes responsibility for the accuracy or
completeness of any of these forward-looking statements. You should
not rely upon forward-looking statements as predictions of future
events. Unless otherwise required by applicable laws, we undertake
no obligation to update or revise any forward-looking statements,
whether because of new information or future developments.
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version on businesswire.com: https://www.businesswire.com/news/home/20230524005972/en/
Investor Contacts: Fred Buonocore, CFA, Vice President of
Investor Relations (405) 510-3550 fbuonocore@lsbindustries.com
For Amogy: amogy@codewordagency.com
Media Contact: David Kimmel, Director of Communications
(405) 815-4645 dkimmel@lsbindustries.com
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