Group 1 - Prime Minister Modi discussed strengthening energy partnerships with Tengku Muhammad Taufik, focusing on renewables and clean fuel, including green hydrogen and green ammonia [1][8] - PETRONAS has a three-decade presence in India, with a diversified portfolio across LNG, petrochemicals, and emerging green energy solutions [2][8] - Vincent Tan Chee Yioun expressed interest in deepening Berjaya's footprint in India's dynamic services and consumer sectors [8] - Pua Khein Seng highlighted Phison's desire to engage in India's fast-growing tech and innovation ecosystem, particularly in the semiconductor industry [8] Group 2 - Amirul Feisal Wan Zahir emphasized India's economic transformation and its potential as a high-potential market for investments [5][8] - Modi called on Malaysian businesses to explore opportunities in India, particularly in infrastructure, renewable energy, digital technology, semiconductors, AI, and healthcare [6][8] - Industry leaders expressed strong confidence in India's growth story and their interest in increasing business presence through expanded investment portfolios and joint ventures [7][8] Group 3 - The 10th India-Malaysia CEO Forum was commended by PM Modi, who expressed optimism that it would deepen trade and investment ties between the two nations [9][8]

Group 1 - ACME Group will establish a green methanol manufacturing facility in Odisha with a capacity of 200 kilotonne per annum, creating over 1,100 jobs [1] - The facility is part of ACME's green hydrogen business and will be developed in partnership with Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL) [2] - Odisha is identified as a key manufacturing destination due to its green energy ecosystem, port infrastructure, and availability of biogenic feedstock [2] Group 2 - Supportive industrial policies and low-cost green power supply in Odisha create favorable conditions for green methanol production at globally competitive costs [3] - ACME Group is establishing multiple green hydrogen and ammonia projects in Odisha, including a large green ammonia facility in Gopalpur through a joint venture with Japan-based IHI Corporation [4] - ACME is developing a 2,200 metric tonne per day green ammonia facility in Paradip, supplying 370,000 metric tonne per year of green ammonia to Indian fertiliser companies for 10 years [4] Group 3 - The global green methanol market is projected to reach 6 to 12 million tonne per annum operational capacity by 2030, driven by shipping decarbonisation and regulations such as FuelEU Maritime [5] - Shares of Acme Solar Holdings Limited were trading at ₹203.17, up by ₹4.21 or 2.12 percent [5]

Core Insights - Stonepeak is pursuing a stake of up to 15% in AM Green, valued at approximately $1.4 billion, marking a significant move in India's green energy sector [1][2] - The deal is expected to conclude within a month and will help AM Green repay $650 million in private credit while funding various projects [2] - Mitsui & Co. is also exploring a stake in AM Green, indicating strong interest from multiple investors in the company [3] Investment Details - AM Green plans to utilize part of the investment to repay a $650 million loan taken to acquire a 17.5% stake in Greenko Energy Holdings, which was valued at $7.5 billion [2] - The remaining funds will support AM Green's $20 billion capital expenditure strategy, focusing on bio-fuel, aluminium, and ammonia projects [2][6] - AM Green is constructing a 1 million tonnes per annum primary aluminium smelter and expanding its alumina refining and mining operations [6] Strategic Collaborations - AM Green has signed a memorandum of understanding with Mitsui for strategic collaboration on energy transition initiatives [3] - The company is also partnering with global logistics major DP World to enhance logistics and storage for green hydrogen and ammonia exports [11] Production Plans - AM Green aims to produce 5 million tonnes per annum of green ammonia, with the first project expected to be operational by 2026 [12] - The company has secured offtake agreements with major buyers, including Uniper, Yara, and Keppel, for its green ammonia production [12] Market Context - The investment landscape in India's green energy sector remains robust, with significant investments and projects underway despite challenges such as costly coal power agreements [14] - India's renewable energy sector has seen a dramatic increase in investment, totaling over $4.66 billion in the last quarter of the previous year, reflecting a 91.5% year-on-year growth [15]

Core Viewpoint - CMB.TECH is investing in the Chinese ammonia supply chain, signing an off-take agreement for green ammonia and acquiring a minority stake in Jiangsu Andefu Energy Technology Co., Ltd, aiming to support maritime decarbonization and develop a green ammonia supply infrastructure [1][4][10]. Investment in Green Ammonia - CMB.TECH will purchase approximately 158,000 tonnes of renewable ammonia annually from the CEEC Songyuan project in Jilin Province, with commercial operations expected to start in January 2026 [2][10]. - The CEEC Songyuan project is powered by off-grid renewable energy and has received ISCC EU RFNBO certification [3]. Partnership with Andefu - The investment includes a minority stake in Andefu, enhancing collaboration in the ammonia supply chain and supporting maritime decarbonization efforts [4][11]. - Andefu is constructing a 49,000 m³ low-temperature ammonia storage tank in Nanjing, scheduled for commissioning in Q1 2026, to facilitate ammonia distribution [5]. Logistics and Infrastructure Development - Andefu and CEEC plan to build an ammonia storage terminal in Panjin, operational by the second half of 2027, to improve green ammonia logistics in China [6]. - The company is also advancing ship-to-ship ammonia bunkering operations, targeting commercial deployment in 2026 [6]. Fleet Development - CMB.TECH will receive 11 ammonia-powered ships in 2026, including ten Newcastlemax bulkers and one container vessel, utilizing dual-fuel diesel-ammonia engines [7]. - These vessels will operate in dual fuel ammonia configuration, contributing to the decarbonization of maritime transportation [8]. Future Plans - CMB.TECH aims to engage with global green ammonia producers to secure fuel for its green ships and plans to produce green ammonia in Namibia [9].

Core Points - Statkraft and Fortescue have amended and extended the conditional power agreement for the Holmaneset project, now covering a 10-year power supply and extending the agreement timeframe to 2029 [1][2] - The Holmaneset project is currently in the feasibility phase, with Fortescue progressing studies and approvals [1][3] - The power purchase agreement (PPA) is conditional upon financial close and the commencement of commercial operations [4] Company Insights - Statkraft is a leading international hydropower company and Europe's largest generator of renewable energy, with operations in hydropower, wind power, solar power, and gas-fired power [5] - Statkraft employs around 7,000 people across more than 20 countries, emphasizing its global presence in energy market operations [5]

Core Viewpoint - KBR has been awarded a technology and engineering contract by IGNIS for a new green ammonia facility in A Coruña, Spain, which will enhance the production of renewable energy and contribute to sustainable practices in the industry [1][2]. Group 1: Contract Details - KBR will provide proprietary engineering design and pre-FEED engineering services for a green ammonia plant with a capacity of 200,000 tons per annum [2]. - The facility will utilize renewable energy to produce green hydrogen, which will then be converted into green ammonia, a crucial component for renewable fertilizers and a clean fuel alternative [2]. Group 2: Company Background - KBR has a long history in the ammonia market, having licensed, engineered, or constructed over 260 grassroots ammonia plants globally since 1943 [3]. - The company employs approximately 37,000 people and operates in over 29 countries, providing technology and engineering solutions to a diverse range of clients [4]. Group 3: IGNIS Overview - IGNIS is a global energy company focused on renewable generation and innovative energy solutions, with over 30 GW of projects under development across multiple regions [5][6]. - The IGNIS P2X division specializes in developing green hydrogen and its derivatives, contributing to the decarbonization of heavy industry and transportation sectors [6].

Group 1 - Fortescue Ltd is acquiring the remaining 64% of Alta Copper, having already owned 36% of the company, with the deal subject to shareholder and court approval, targeted to close in the March 2026 quarter [2] - Alta Copper shareholders will receive $1.40 per share, representing a 50% premium to the 30-day volume weighted average price, implying a total equity value of $139 million for Alta Copper [3] - Alta Copper focuses on its Canariaco project in Northern Peru, which has a reported mineral resource of 1.1 billion tonnes at a 0.42% copper equivalent grade [4] Group 2 - The acquisition aligns with the increasing demand for copper, particularly in AI development and technology sectors, as copper is essential for data centers and telecommunications [6] - Fortescue's share price is down approximately 1.2%, showing resilience compared to other major ASX mining companies, which have seen larger declines [7] - The cyclical nature of ASX mining shares suggests that potential investors may want to wait for a lower point in the share price cycle before purchasing Fortescue shares, despite a 20% increase since the beginning of the year [8]

Core Insights - The World Bank's International Finance Corp (IFC), Siemens AG, and Fullerton Fund Management are set to acquire at least 49% of Hygenco Green Energies Pvt. Ltd, a green hydrogen manufacturer based in Gurugram, with an equity value of approximately $125 million and an enterprise value of around $250 million [1][2]. Investment Details - IFC plans to invest $50 million in equity, while Siemens AG and Fullerton Fund Management will contribute the remaining $75 million [2]. - The deal is expected to be announced in mid-December, with documentation currently underway [2]. Company Background - Hygenco's co-founders hold a 51% equity share, with the remaining 49% owned by SBICAP Ventures Limited's SVL-SME Fund [3]. - Hygenco aims to invest $2.5 billion over three years to establish green hydrogen projects in India, targeting the development of 10 gigawatts (GW) of production and distribution assets by 2030 [3]. Green Hydrogen Market - Green hydrogen is produced through the electrolysis of water and can be combined with nitrogen to create ammonia, which is used in energy storage and fertilizer manufacturing [4]. - India aims to produce 5 million tonnes (mt) of green hydrogen by 2030, leveraging its landmass and low solar and wind tariffs for cost-effective production [4][9]. Investor Interest - The growing interest in India's green hydrogen sector is highlighted by various global players, including Masdar, AIIB, Macquarie Group, and others, who have signed non-disclosure agreements regarding the transaction [5]. - Siemens AG has previously made significant investments in India, including the acquisition of C&S Electric Limited for €267 million [8]. Policy and Economic Framework - India's government is implementing a green hydrogen policy with a budget of ₹19,744 crore, aimed at promoting renewable energy and reducing fossil fuel imports by ₹1 trillion by 2030 [12]. - The Strategic Interventions for Green Hydrogen Transition (SIGHT) Programme and production-linked incentive schemes are expected to lower the levelized cost of hydrogen (LCOH) significantly by 2030 [10]. Future Projections - India's green energy capacity is currently around 197 GW, with plans to reach 500 GW by 2030 and 1,800 GW by 2047 [13].

Core Insights - The green ammonia market is projected to experience significant growth, with an expected increase from 0.27 million tons in 2025 to 5.41 million tons by 2030, representing a compound annual growth rate (CAGR) of 82.47% [2][11] - The growth is driven by rising investments in renewable energy infrastructure and the demand for sustainable fertilizers and fuels [2][3] Market Overview - Green ammonia is produced using renewable energy sources, primarily through water electrolysis and nitrogen fixation, making it a low-carbon alternative to traditional ammonia [3] - The market is gaining traction as industries seek cleaner alternatives to conventional ammonia production [3] Key Trends Driving Growth - **Rising Demand in Agriculture**: Agriculture is a major consumer of ammonia for nitrogen-based fertilizers, and green ammonia offers a cleaner alternative to reduce the carbon footprint of farming practices [4] - **Interest in Marine Fuel Alternatives**: The shipping industry is considering green ammonia as a low-emission marine fuel to replace conventional bunker fuel, thereby reducing sulfur and nitrogen oxide emissions [5] - **Power Generation and Energy Storage**: Green ammonia is relevant in power generation as a hydrogen carrier, facilitating easier storage and transportation compared to hydrogen gas [6] Regional Insights - **Europe**: Leading in green ammonia adoption, supported by policy frameworks and funding for clean energy projects, making it the largest and fastest-growing market [7] - **Asia-Pacific**: Emerging interest due to growing energy needs and agricultural demand [13] - **North America**: Investments in renewable energy and clean fuel technologies are increasing [13] Market Segmentation - The green ammonia market is segmented by application and geography, reflecting diverse use cases and regional adoption patterns [9] Key Players - Companies such as Siemens Energy, Thyssenkrupp AG, Yara International, Haldor Topsoe, and Nel ASA are contributing to market growth by developing scalable solutions and forming strategic alliances [10][13]

Core Insights - Air Products and Chemicals, Inc. (APD) is leveraging its project investments, productivity initiatives, and new business deals despite challenges from a sluggish Chinese economy and reduced helium demand [1][7] - The company has faced project cancellations and the divestment of its liquefied natural gas (LNG) business, which are expected to negatively impact performance [1][8] Investment and Growth Strategies - APD is well-positioned to benefit from investments in high-return industrial gas projects and productivity measures, focusing on its gasification strategy and executing growth projects that are expected to enhance earnings and cash flows [2][3] - Major projects include the NEOM green hydrogen project in Saudi Arabia, expected to start production in 2027, and the Louisiana Clean Energy Complex, anticipated to commence in 2028 or 2029 [3][4] Productivity and Cost Management - The company is implementing productivity actions to improve its cost structure, with expected productivity benefits of at least $75 million in fiscal 2025 and annual savings of $185-$195 million from global cost-reduction plans [5][6] - Air Products is also focused on improving pricing strategies in an inflationary environment [5] Financial Performance and Shareholder Returns - The board of Air Products increased its quarterly dividend to $1.79 per share, marking the 43rd consecutive year of dividend increases, with an operating cash flow of approximately $2 billion for the nine months ending June 30, 2025 [6] - The company updated its full-year adjusted earnings per share guidance for fiscal 2025 to a range of $11.90 to $12.10, with fourth-quarter expectations between $3.27 and $3.47 [9] Market Challenges - A slower economic recovery in China and lower helium demand are significant concerns, with no material improvement expected in the near term [7] - The cancellation of several large projects is projected to create a 3% year-over-year headwind in full-year fiscal 2025, while the divestment of the LNG business is expected to result in a 4% headwind [8]