The package secures Atome 15 years’ worth of debt financing on “highly competitive terms” from the European Investment Bank, Inter-American Investment Corporation, and arms of the Dutch government and United Nations.

It would finance the construction of the company’s first green hydrogen-based fertiliser production project in Villeta, Paraguay, which had intended to take FID on at the end of last year.

The $630m project will produce calcium ammonium nitrate, using green hydrogen made from 145MW of hydropowered electrolysis as a feedstock. Fertiliser maker Yara has committed to buying 100% of the plant’s output under a 10-year offtake deal.

However, the deals are subject to and conditional upon finalising $244m in equity financing within 30-days.

Atome said equity documents were in the “final stage” of negotiations with equity partners and that it expects to meet the conditional deadline. It is preparing to start construction “as soon as possible.”

“This is a significant, world-leading project with clear environmental benefits,” said Atome Chair, Peter Levine. “Villeta will enable fertiliser to be produced at industrial scale without reliance on fossil fuels.”

The firm has stressed that current events in the Middle East have only reinforced the need for green fertiliser production. With the Strait of Hormuz effectively closed, ammonia-derived urea prices have surged by up to 35%.

It argued the Villeta project will be able to produce clean fertiliser “at or even below” cost parity with gas-based fertilisers.

“Villeta is well positioned to access global fertiliser markets, benefiting from a long-term offtake agreement for the entirety of Villeta’s production with Yara International, which also provides further protection from volatile global pricing,” the company said.

While interest has grown in ammonia’s role as a hydrogen carrier or clean fuel, industry is increasingly looking at using decarbonised hydrogen sources to clean up existing fertilisers.

At COP30 in Brazil, hydrogen groups including the Hydrogen Council, Unido, Ammonia Energy Association, and International Fertiliser Association launched the Low-Emission Ammonia Fertiliser Initiative aimed at accelerating hydrogen-based ammonia fertilisers.