What proof should I request before signing a green ammonia offtake?

Ask for a clear emissions accounting method, third party certification plans, and a detailed commissioning schedule. Also request evidence of contracted renewable electricity and water sourcing.

How do I evaluate whether a supplier can actually deliver on time?

Look for a commissioned reference plant, signed EPC contracts, and disclosed grid connection or port permitting status. Delivery history matters more than announcements.

What is the biggest hidden risk in green ammonia projects?

Intermittent power can reduce utilization and raise unit costs if storage and control systems are undersized. Safety approvals for storage and bunkering can also delay start up.

Which capabilities matter most for marine fuel use?

Engine readiness, bunkering procedures, crew training, and leak detection systems are critical. You should also confirm the supplier's plan for portside storage and emergency response.

How can I compare electrolyzer providers for ammonia linked projects?

Focus on stack durability under variable load, service coverage, and warranty terms. Confirm the provider has delivered multi megawatt systems tied to ammonia synthesis needs.

What contract terms help reduce price risk for buyers?

Indexing electricity costs, defining minimum availability, and specifying certification remedies can reduce disputes. Buyers also benefit from staged volume ramps tied to verified output.

Top Green Ammonia Companies - Key Players & More

Air Products and Chemicals Inc.

Large project execution gives this leading vendor in low emission ammonia an edge. Public disclosures show advanced talks with Yara to pair Gulf Coast hydrogen supply with ammonia production and global distribution, a structure that could de-risk offtake for new capacity. If that arrangement closes in 2026 as targeted, it can speed bankability for projects that need long tenor contracts and audited emissions data. Cost inflation around carbon handling, logistics, and permitting remains a realistic downside that could push final completion toward 2030 targets.

Leaders

CF Industries Holdings Inc.

Measured near term output matters more than pilot claims for this major supplier of ammonia based products. CF has reported commissioning progress on a 20 MW electrolyzer at Donaldsonville that can enable about 20,000 tons per year of green ammonia, which serves as an operational proof point. The Blue Point joint venture in Louisiana adds scale and anchors future low emission export flows into Japan starting later this decade. Faster adoption of ammonia co-firing is a plausible upside that could pull more volume into fuel uses, while policy volatility around tax credits and carbon storage contracting is the main risk.

Leaders

Fertiglobe

Certified product delivery is the strongest signal for this major supplier of low emission ammonia solutions. Fertiglobe reported an ISCC PLUS certified renewable ammonia shipment in November 2023, an auditable milestone many buyers require before signing larger contracts. It also won the H2Global pilot auction for renewable ammonia supply into Europe, with deliveries tied to project start timing from 2027. If European procurement keeps shifting to verified carbon data, Fertiglobe can expand its contract book, but it must avoid overcommitting before hydrogen feedstock is secured; upstream hydrogen reliability at Egyptian sites is the key operational risk.

Leaders

Nel

Technology scale up remains the main lever for this leading vendor in electrolyzers supporting green ammonia. Nel's annual report described PEM capacity expansion efforts in the United States that target higher throughput, which matters for large projects needing consistent stack supply. The company also issued a 2025 update on adjusting manufacturing capacity to reflect lower near term demand, a move that may reduce fixed cost absorption during a slow ordering cycle. If large ammonia projects regain final approvals, Nel's innovation advantage can convert into backlog, but buyers will press for warranties and delivery certainty; working capital strain when customer projects are delayed is the key operational risk.

Leaders

Yara

Portfolio credibility comes from operating assets, and this major player has one of the clearest near term reference points. Yara opened a 24 MW renewable hydrogen plant at Herya in June 2024 and said it is already producing renewable hydrogen and ammonia, which supports low emission fertilizer output. Its binding supply agreement with ACME shows how Yara is locking external renewable ammonia flows into its distribution system. Tighter certification regimes could benefit Yara if it standardizes chain of custody across imports, though reputational risk rises if any upstream claims are challenged. Managing parallel investments while keeping returns acceptable is the main operational risk.

Leaders

Engie SA

Access to low cost renewables and land is the core differentiator for this utility group in green molecules. ENGIE's Oman award under Hydrom Phase A Round 1 frames a path toward 1.2 million tons per year of green ammonia aimed at exports around 2030, a long dated but sizable target. If permitting and grid build out compress the timeline, ENGIE can gain first mover logistics advantages at Duqm, yet offtake certainty remains the gating factor for final investment decisions. Slower European demand that forces renegotiation of export price floors is a key risk, and construction interface risk across power, hydrogen, and synthesis contractors is the main operational exposure.

Established

Iberdrola, S.A.

Export contracts can substitute for missing local demand when early projects need bankable cash flows. Iberdrola disclosed a framework with Trammo for up to 100,000 tons per year of green ammonia starting in 2026, tied to a large planned investment and new renewable build. EU rules on renewable hydrogen derivatives raise compliance costs but also reward developers that document additionality and hourly matching. If permitting delays push the first plant beyond 2026, Iberdrola may face renegotiation on pricing and delivery windows. The main operational risk is connecting large new renewable capacity on schedule, since the molecule plant depends on that power profile.

Established

Siemens Energy

Factory scale electrolyzer supply can become a strategic advantage when multiple green ammonia projects hit procurement at once. Reuters reported Siemens Energy will help build a 280 MW electrolyzer project in Emden that is expected to start operations in 2027, supporting European hydrogen availability for ammonia synthesis. If grid congestion and permitting persist, Siemens Energy can still win by delivering standardized equipment and service models that reduce project complexity. The main downside is timing, because delays can idle factory capacity and pressure margins; quality control is an operational risk since failures in large electrolyzer fleets can trigger costly warranty exposure.

Established

Technip Energies N.V.

Contract wins at scale are the clearest sign of execution credibility for this EPC focused player. Technip Energies reported a major award tied to Blue Point Number One in Louisiana, positioned as a very large low carbon ammonia facility with modular delivery emphasis. If US incentives remain stable, modularization can compress schedules and reduce labor risk, improving the economics of ammonia exports as a fuel and hydrogen carrier. Higher steel and equipment costs that force scope changes after contract award are a realistic downside. Interface management across licensors, module yards, and site construction is the key operational risk.

Established

Casale SA

Technology choice can become a hidden moat when project owners optimize for retrofit speed and energy efficiency under new carbon rules. Casale highlighted its N-LOOP process role tied to a US backed restart and conversion financing package, which signals relevance in new ammonia synthesis designs. If subsidy structures shift toward measured lifecycle emissions, licensors that can document performance and integration risk will be favored. Licensors face reputational risk when first of a kind assets miss ramp up curves, but the practical upside is recurring service work once plants move from EPC into steady operations.

Performers

ITM Power plc

Operating reference sites matter more than brochures for an electrolyzer specialist trying to rebuild confidence. ITM disclosed that Yara's 24 MW Herya electrolytic hydrogen plant can enable roughly 20,500 tonnes of ammonia per year, a tangible benchmark for buyers. That same project signals strict compliance expectations because it is tied to public scrutiny and national level policy optics in Norway. If more fertilizer sites pursue similar retrofits, ITM can win repeat orders, but it must prove stack durability under variable load. Margin pressure is a critical risk if customers demand fixed pricing while input costs remain volatile.

Performers

MAN Energy Solutions

Marine engine readiness is a gating issue for ammonia as a fuel, so technology milestones translate into demand credibility. MAN reported full scale ammonia engine testing reaching 100% load in early 2025, which supports future vessel adoption timelines. If IMO aligned fuel rules accelerate adoption, MAN can expand from prototypes into serial production, but shipowners will still demand clear fuel supply plans at ports. Delayed bunkering build out would slow engine order conversion even if the technology is ready. Reputational exposure from any safety incident during early deployments is an operational risk.

Performers

thyssenkrupp Uhde GmbH

Integration know how is the core advantage for a contractor that sits between electrolyzers and synthesis. thyssenkrupp Uhde signed a 2025 framework with Uniper to scale ammonia cracking plants, strengthening the case for ammonia as a practical hydrogen carrier in Europe. It also continues feasibility work on green ammonia plant design methods, which helps reduce early phase rework for developers. If European import terminals expand faster, cracking capacity demand can rise quickly, but safety standards will be unforgiving. Project slippage when clients delay final approvals due to power price uncertainty is the key operational risk.

Performers

ACME Group

Early export scale is the main question for this project developer, yet the Oman pathway looks concrete and time bound. ACME's long term supply agreement with Yara for 100,000 tons per year signals buyer confidence and raises the bar on certification and chain of custody discipline. If EU and Japanese import rules tighten faster than expected, ACME could gain by locking more fixed volume contracts, but port and safety approvals could still slow start up. Power intermittency management at electrolyzer scale is the most acute operational risk, since undersized storage can undermine unit costs.

Aspirants

AM Green

Scaling from announcements into reliable deliveries will define this electrolytic ammonia platform developer over the next two years. The RWE supply memorandum points to 2027 deliveries tied to Indian sites, implying tight coordination across power supply, port readiness, and buyer certification needs. The Yara term sheet adds credibility but also increases scrutiny on measurement methods and chain of custody reporting. If European demand softens, AM Green may need to pivot more volume into fertilizer inputs, a move that could compress margins. Synchronizing multi site build schedules with electrolyzer commissioning windows is the key operational risk.

Aspirants

ENOWA

NEOM positioning creates brand pull, but this energy and water operator is still building its delivery track record. ENOWA's launch materials tie the group to a renewables based system design and highlight hydrogen ambitions, which indirectly supports future ammonia export potential. The company also signed for a green fuels demonstration plant at its innovation center, which supports learning on carbon handling and fuel synthesis operations. If the region accelerates export infrastructure, ENOWA could shift from facilitator to anchor customer, but governance and safety systems must mature fast. Talent and supply chain constraints during simultaneous multi utility builds are a realistic operational risk.

Aspirants

Fortescue

Project timing discipline is the swing factor for this major player moving from concept scale into repeatable builds. Fortescue's Gibson Island plan targets commercial production from 2026 and describes output up to 400,000 tonnes of green ammonia per year, which is ambitious for a first wave asset. In Norway, it extended a conditional power arrangement for the Holmaneset project through 2029, suggesting schedule pressure and the need for flexibility. If shipping fuel demand accelerates, Fortescue could redirect more volume from fertilizer channels into bunker fuel trials. Grid connection and transmission delivery remain the biggest operational risk, since these can slip even when equipment is ready.

Aspirants

Greenko Group

Large contracted clean power is a practical advantage for a developer that can vertically integrate electricity, storage, and molecules. A reported agreement with Coal India for 4,500 MW of renewable supply tied to green ammonia production points to serious intent, even if execution will be staged. If India tightens carbon accounting for exported molecules, Greenko's ability to pair storage with generation can help stabilize operations and improve traceability. Slower EU demand would push more focus onto domestic fertilizer decarbonization programs. Balancing high capital intensity with project financing terms that demand fixed price offtake is the key risk.

Aspirants

KAPSOM plc

Small modular systems can fit off grid sites, yet scale acceptance is still unproven for this equipment focused entrant. KAPSOM promotes modular green ammonia equipment and highlights flexible operation claims that align with the real intermittency problem in renewable power supply. If certification bodies tighten rules on measurement and verification, the company will need third party performance data to avoid exclusion from procurement lists. Niche deployments in remote industrial parks that value autonomy over lowest cost are the most realistic upside. Safety case development and operator training are the key operational risks, since ammonia handling errors can end projects quickly.

Aspirants

Ocior

Government memoranda and licensors are useful early signals, but delivery proof is still ahead for this project developer. KBR said its K-GreeN technology was selected for Ocior's Odisha plant, suggesting a defined process route and an initial 600 metric tons per day design intent. Ocior's project disclosures describe clearance steps in early 2023, implying long lead development cycles that can be disrupted by policy or land issues. If export buyers tighten due diligence, Ocior can benefit by publishing third party verified power sourcing and water plans early. Financing is the key operational risk, because first projects often face cost resets before construction.

Aspirants

rsted AS

Capital discipline is reshaping this renewables developer's appetite for green fuels, which indirectly affects future ammonia linked projects. The company took an impairment and canceled a planned green fuels plant in Sweden in 2024, reflecting how hard it can be to secure long term offtake at workable pricing. If contracting structures improve, rsted can re-enter with power led partnerships, though it will likely demand tighter risk sharing than in prior cycles. Management distraction from offshore wind portfolio pressures is a realistic operational risk that can slow decision speed on new molecule ventures. The upside remains strong, since low cost wind can anchor future electrolyzer economics.

Aspirants

Proton Ventures

Infrastructure is often the constraint, so this engineering and terminal specialist sits on an enabling chokepoint. Proton Ventures reported FEED work for repurposing ammonia tanks at Vlissingen tied to a planned Northwest Europe hub, with commissioning targeted for 2027 in its update. If European import rules formalize around verified emissions, terminals that can document custody and boil off management will be preferred. Slower import demand is the most plausible what if, since it would delay final investment decisions and reduce near term engineering revenue. Permitting and community acceptance for large ammonia storage expansions are a key operational risk.

Aspirants

Green Ammonia Companies: Leaders, Top & Emerging Players and Strategic Moves

Top 5 Green Ammonia Companies

Green Ammonia Companies Matrix by Mordor Intelligence

MI Competitive Matrix for Green Ammonia

Analysis of Green Ammonia Companies and Quadrants in the MI Competitive Matrix

Air Products and Chemicals Inc.

CF Industries Holdings Inc.

Fertiglobe

Nel

Yara

Engie SA

Iberdrola, S.A.

Siemens Energy

Technip Energies N.V.

Casale SA

ITM Power plc

MAN Energy Solutions

thyssenkrupp Uhde GmbH

ACME Group

AM Green

ENOWA

Fortescue

Greenko Group

KAPSOM plc

Ocior

rsted AS

Proton Ventures

Frequently Asked Questions

Methodology

Analysis of Leading Green Ammonia Companies