Atome, the company behind green fertiliser projects, reported a loss of $2.8 million for the first half of 2024.

Listed on the London Stock Exchange, the company aspires to become the world’s first industrial-scale producer of 100% green Calcium Ammonium Nitrate (CAN) fertiliser.

The flagship green CAN production project will be located in Paraguay, near the capital city of Asuncion on the Paraguay River.

Atome aims to produce up to 264,000t of green CAN fertiliser annually, which it claims will offset up to 500,000t of CO2 emissions per year.

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Last month, Atome signed a heads of terms agreement with Yara for the long-term sale of its entire annual production capacity of renewable fertiliser from the 145MW Villeta Project.

In a recent trading update, Atome reported ‘positive progress on the project financing for the Villeta project’ and provided updates on its other projects in Costa Rica and the Yguazu project in Paraguay.

The update highlighted a Framework Collaboration Agreement with ICE, Costa Rica’s state-owned power company, and pre-power purchase agreement studies for the 300MW Yguazu project.

The latest financial results show that Atome recorded a loss of $2.8m for the six months ending June 30, 2024, compared to a loss of $2.6m in the same period last year. The company also reported $6.2m in capitalised costs related to the Villeta Project.

Additionally, the company raised $2.9m through share placements in February and March of this year.

In a joint statement, chair Peter Levine and chief executive Olivier Mussat said Atome had made ‘considerable progress’ in the first half of the year and had positioned itself as ‘a world leader in green fertiliser’.

They stated that the Villeta project, expected to be the world’s largest green fertiliser production facility when it comes online in late 2027, has the potential to serve and decarbonise food value chains across South America, Europe, and Asia.

Levine and Mussat also provided an update on the company’s current status in today’s trading statement.

“The 300MW Yguazu Project in Paraguay, with power already reserved, is nearly triple the size and capacity of Villeta and could come some 18 months later.

“The Costa Rica project will be of a similar size to Villeta and Atome is well placed to capitalise on the country’s strategic position and world-renowned premium food industry”.