Hyderabad (Telangana) [India], December 18 : AM Green and Mitsui & Co. Ltd. (Mitsui) have signed a Memorandum of Understanding (MoU) to explore a strategic partnership. According to a press release, the two companies plan to look into energy transition projects and potential ways to invest in low-carbon aluminium.
AM Green is working through its subsidiary, AM Green Aluminium Metals and Materials, to build a large production network. This includes a primary aluminium smelter capable of producing 1 million tonnes per annum (MTPA). The project also involves mining operations and a refinery that can produce 2 million tonnes of alumina annually.
The energy for these plants will come from clean sources. Both the aluminium smelter and the alumina refinery will use wind and solar power. To ensure the power supply is steady, the company will use pumped hydro storage. Earlier this year, Coal India agreed to provide 4.5 gigawatts of renewable power to support the various business units of AM Green.
Under the new agreement, Mitsui and AM Green will study investment opportunities within the green metal value chain. An investment from Mitsui would provide the money needed to build the first integrated green aluminium production platform in the world. The companies also want to discuss buying and selling low-carbon aluminium and supplying the materials needed for the refinery and smelter.
Mahesh Kolli, Founder of Greenko Group and AM Green, said, "AM Green is building globally competitive platforms across molecules and materials to enable industrial decarbonization at scale. We are pleased to partner with Mitsui to explore collaboration pathways that can accelerate low-carbon aluminium and expand market access for a wider set of green products."
The founders of Greenko, Anil Chalamalasetty and Mahesh Kolli, created AM Green as a platform for energy transition. The company has interests in green ammonia, hydrogen, and chemicals. It also works on green fuels like ethanol and sustainable aviation fuel.
Greenko currently manages more than 12 gigawatts of renewable energy capacity. It plans to build 100 gigawatt-hours of storage capacity by the year 2030. AM Green aims to produce 5 million tonnes of green ammonia every year by the end of the decade. The company is also focused on reaching its target of 1 million tonnes of green aluminium capacity.
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