Metacon grows stake in Pherousa and CO2-free, ammonia-fueled deep-sea shipping

Swedish developer and manufacturer of energy systems Metacon has, through its subsidiary Metacon SA, increased its shareholding in Norway’s technology transfer company Pherousa Green Technologies, now re-named Pherousa, to approximately 35 percent of the capital.

At the same time, the two companies have signed a new updated exclusive license agreement for Metacon’s ammonia cracking technology for use on board vessels. A prototype of the technology was developed and successfully tested by Metacon and Pherousa in 2022.

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 €265,000 over 36 months.

Cordia AS, a Norwegian entity ultimately controlled by the Chairman of Pherousa, Hans Bredrup, has simultaneously increased its shareholding in Pherousa to approximately 50 percent.

Prior to the transaction, Pherousa had 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 classification societies, examining the design with a focus on being able to provide approval in principle (AiP) for Pherousa’s and Metacon’s ammonia-based technology for ships.

In addition, Pherousa is also engaged in two retrofit projects, thus the core technology can be applied in any segment and type of vessel, within the marine industry, be it with PEM fuel cells, pilot fuel in an ICE or directly to a hydrogen-fueled engine.

“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,” Christer Wikner, CEO of Metacon and Board Director of Pherousa, commented.