Germany energy companies E.ON (OTCPK:EONGY) and Uniper (OTC:UNPPY) signed memoranda of understanding with Canada's EverWind to buy 1M metric tons/year of green ammonia starting in the mid-2020s, in a bid to further diversify away from Russian energy.
The Germany firms signed initial agreements during a trip to Canada by German Chancellor Olaf Scholz and Economy Minister Robert Habeck.
The ammonia will come from EverWind's planned Point Tupper facility, which is expected to start commercial operation in early 2025.
Uniper said the deliveries would "facilitate decarbonization across Germany and other European countries while reducing Germany's dependence on fossil fuel-based products from Russia."
Uniper (OTC:UNPPY), one of the most vulnerable companies to Russian natural gas cutbacks, recently reported a crushing €12.3B H1 loss.