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Allianz backs Norwegian green fuels firm

Richard Heap
August 1, 2023

Insurance giant Allianz has paid €20m for a minority stake in Norwegian green hydrogen and ammonia plant developer Fuella, which was set up in 2020.

Fuella will use the funding to grow its development pipeline of power-to-X projects. The deal also entitles Allianz to invest in Fuella's future green ammonia and power-to-X developments.

This is Allianz's second direct investment in the green fuels market after its deal with Finnish power-to-X producer Ren-Gas in late 2022.

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