Metacon has, through its wholly owned subsidiary Metacon SA increased its shareholding in its Norwegian related company Pherousa Green Technologies AS, now re-named Pherousa AS (“Pherousa”), to approximately 35 percent of the capital. At the same time Metacon and Pherousa have signed a new updated exclusive license agreement for Metacon’s ammonia cracking technology for use on board vessels. Furthermore, Metacon SA has entered as a project partner in the EU-funded technology project Safecraft, accessing a total of KEUR 265 in project funding.
Cordia AS, a Norwegian entity ultimately controlled by the Chairman of Pherousa, Mr. Hans Bredrup, has simultaneously increased its shareholding in Pherousa to approximately 50 percent. Within the framework of Metacon’s and Pherousa’s developed business strategy, Metacon SA has entered as a project partner in the EU-funded technology project Safecraft, consisting of 11 different parties from six different countries and through this receives project funding of approximately KEUR 265 over 36 months.
Prior to the transaction, Pherousa has also acquired and fully integrated the previously independent company Pherousa Green Shipping AS, whose operations include the design and planned construction of six large ammonia-powered cargo vessels based on the Finnish shipbuilder Deltamarin’s Ultramax model. Metacon thus becomes an indirect shareholder in this wholly owned subsidiary of Pherousa. In 2024, Pherousa’s operations have continued, in close collaboration with two of the world’s largest marine classification societies, examining the design with focus on being able to provide a so-called Approval in Principle (AiP) for Pherousa’s and Metacon’s ammonia-based technology for ships.
“I am pleased to see the significant developments in Pherousa and the foundation we now created for being able to move towards vessel implementation and commercialisation. Ammonia remains the only CO2-free solution for deep-sea shipping decarbonization, with both fuel cell and combustion engine options for the marine drive trains. Should we manage to prove the viability of our cracking technology onboard ships, the future market could be limitless”, says Christer Wikner, CEO of Metacon and board director of Pherousa.