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    NVG   PTPTI0AM0006

THE NAVIGATOR COMPANY

(NVG)
  Report
Real-time Euronext Lisbonne  -  03:24 2022-10-06 am EDT
3.544 EUR   +0.51%
10/04Navigator : S.A. informs about First Half Report and Accounts, including declaration - article 29.1 of the securities code
PU
10/03Navigator : First Half Report 2022
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09/30Navigator : Apresentação aos Investidores
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The Navigator Company and P2X-Europe Announces Unique Joint Venture in Portugal to Produce Green, Non-Fossil Synthetic Efuels and Scale-Up Power-To-Liquid Business

07/22/2022 | 09:55am EDT

The Navigator Company and P2X-Europe have decided, subject to the approval of the relevant anti-trust authorities, to create a unique and powerful joint venture, P2X-Portugal, to develop a world-class production facility for industrial-scale production of non-fossil jet fuels or e-SAFs (e-Sustainable Aviation Fuels) - carbon-neutral synthetic kerosene, based on green hydrogen and biogenic CO2. This project leverages on Portugal's highly competitive renewable energy sources and on biogenic CO2 generated by Navigator's biorefineries using sustainable forests, which together constitute the two critical elements for the successful production of net-zero synthetic feedstocks for the chemical industry and jet fuels on an industrial scale, fostering the decarbonization of the aviation industry. The JV is tapping into the extensive know-how of P2X-Europe, a global pioneer in PtL (Power-to-Liquids) project development and technology configuration and its parent companies' H&R Group and Mabanaft market expertise in waxes for the chemical-pharmaceutical industry and in liquid fuels.

Furthermore, the quality of the JV builds on Navigator's vast industrial operational experience in biorefinery plants and forestry capabilities. P2X-Portugal is a determined agile frontrunner well on course to become an international reference for the market introduction and commercialization of innovative synthetic aviation fuel products at scale. Portugal is in a unique position to become a hub to produce green hydrogen derivatives such as synthetic jet fuels, creating jobs and securing a leading role in establishing an entirely new industry based on renewable energy and sustainable forests as the underlying source of biogenic carbon, which will be key in driving decarbonization towards net-zero.

The establishment in Navigator's Figueira da Foz site marks a key milestone for Portugal and Europe on the road towards building up a fully integrated eSAF ecosystem, as well as demonstrating a sustainable approach to the decarbonization of the aviation sector. The joint venture by the name of P2X-Portugal will bring together leading technology and engineering companies and integrates the whole process value chain from feedstock sourcing to market introduction and product distribution. Comprising carbon capture of up to 280,000 tons of biogenic CO2 and several hundred megawatts of new renewable energy capacity, the project aims at reaching a total net-zero synthetic PtL production capacity of 80,000 tons per year when fully developed, allowing to reduce annual carbon emissions of up to 280,000 tons.

The facility will be integrating several innovative technology components and will use a proven conversion process, leveraging recent process improvements and technologies to maximize its sustainability and system efficiency. For the integrated PtL facility alone the project capex can total €550-600 million during the first two development phases, comprising a green H2 production plant, biogenic CO2 capturing equipment, and a production capacity of 40,000 tons per year of synthetic products. The Portuguese Government has granted P2X-Portugal's ambitious PtL project the status of National Interest (PIN), which is a relevant testimony to the strength and maturity of P2X-Portugal's overall project quality.

Subject to the fulfilment of identified conditions precedents and to positive final investment decision by mid-2023, the Project is scheduled to start commercial operations as early as the first semester of 2026. Conditions precedents required for a positive Final Investment Decision include, inter alia, (i) availability of competitive renewable energy as required by the project, (ii) appropriate setting of the EU Delegated Act defining Green H2 (currently being discussed in Brussels), (iii) satisfactory long-term offtake commitments, and (iv) obtaining adequate EU and Portuguese government sponsored investment incentives. The JV is in the process of obtaining clearance from EU anti-trust authorities.

Portugal offers enabling conditions and supporting policy measures that should allow production capacity to grow quickly and consistently with EU climate regulation, which establishes various mandate targets for the use of eFuel in gradual substitution of fossil fuels. Major location advantages include access to 100% green (solar and wind) electricity as the primary feedstock for green hydrogen production from the electrolysis of water together with one of the richest biogenic carbon dioxide point sources available in Europe: Navigator's biorefinery located at Figueira da Foz, 140 km north of Lisbon, which generates process biogenic CO2 derived from sustainable and certified forests. Cognizant of its credibility and market leading role, P2X-Portugal does not compromise on sustainability.

The facility opts exclusively for streams of sustainable biogenic carbon from sustainable forests. Biogenic CO2 is originally sequestered from the atmosphere by photosynthesis and stored in trees. Using sustainable forest material in biorefinery industrial processes leads to biogenic CO2 emissions, ensuring a net zero emissions carbon cycle.

P2X-Portugal's synthetic end-products are a result of a fully sustainable transformation process, initiated with renewable electricity from solar and wind and solar-driven photosynthesis. Through this process, P2X-Portugal will be storing solar and wind energy in a synthetic liquid fuel.


© S&P Capital IQ 2022
All news about THE NAVIGATOR COMPANY
10/04Navigator : S.A. informs about First Half Report and Accounts, including declaration - art..
PU
10/03Navigator : First Half Report 2022
PU
09/30Navigator : Apresentação aos Investidores
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09/30Navigator : Presentation to Investors
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09/28European Commission Green-Lights Navigator, P2X Europe Joint Venture in Portugal
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07/27Navigator : H1/Q2 2022 Results Presentation
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07/27Navigator : Apresentação de Resultados Conf. Call 1º Semestre/2º Trimestre 2022
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07/22Navigator : and P2X Europe have signed a Memorandum of Understanding to create a unique Jo..
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07/22Navigator : and P2X-Europe announce a unique Joint Venture in Portugal to produce green, n..
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07/22The Navigator Company and P2X-Europe Announces Unique Joint Venture in Portugal to Prod..
CI
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Financials
Sales 2022 2 311 M 2 278 M 2 278 M
Net income 2022 395 M 389 M 389 M
Net Debt 2022 422 M 416 M 416 M
P/E ratio 2022 6,48x
Yield 2022 6,31%
Capitalization 2 508 M 2 472 M 2 472 M
EV / Sales 2022 1,27x
EV / Sales 2023 1,44x
Nbr of Employees 3 192
Free-Float 30,0%
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Mean consensus BUY
Number of Analysts 5
Last Close Price 3,53 €
Average target price 4,51 €
Spread / Average Target 27,9%
EPS Revisions
Managers and Directors
António José Pereira Redondo Chief Executive Officer & Executive Director
Manuel Arouca Head-Finance
Ricardo Miguel dos Santos Pacheco Pires Chairman
António Neto Alves Head-Legal, Compliance & Public Affairs
Ana Marques Head-Compliance Division
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