Groupe Duval acquires an equity holding in Africa Global Recycling (AGR)
Real estate developer Groupe Duval has announced it has acquired a 20% stake in Africa Global Recycling (AGR). According to the company, this equity holding illustrates Groupe Duval's desire to strengthen its position as a key waste recycling actor on the African continent.
Founded in 2013 in Lomé, Togo, AGR sorts and sells waste so that it can be transformed. A key player of the green economy and waste recycling sector in sub-Saharan Africa, AGR places waste at the centre of a new model of economic and social innovation on the continent.
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Éric Duval, President and Founder of Groupe Duval stated: "We are proud to support an actor as committed and pioneering as AGR. We are particularly excited about being able to assist it with its growth. The company has a unique positioning thanks to its operational excellence and its ability to have made selling waste attractive by creating a virtuous purchasing circle with businesses and local authorities. Being a family group probably makes us even more aware of the importance that we must give to the environmental and societal context we are part of and that we want to pass on to future generations. Our world is changing. Our family spirit leads us to focus great attention on the world that surrounds us and on the challenges of sustainable development that are connected to it. This is therefore and above all the sense of acquiring this strategic stake."
Edem d'Almeida, co-founder of AGR, added: "Our company which currently has 50 employees, is growing strongly and has pan-African ambitions. We are delighted to welcome Groupe Duval's contribution to the company's equity aimed at assisting us in a new stage of our development. The presence of a key partner with which we share common values, is important to provide our company with both the financial and human resources to continue its very strong growth."
Trafigura and Yara International explore clean ammonia usage
Reducing shipping emissions is a vital component of the fight against global climate change, yet Greenhouse Gas emissions from the global maritime sector are increasing - and at odds with the IMO's strategy to cut absolute emissions by at least 50% by 2050.
How more than 70,000 ships can decrease their reliance on carbon-based sources is one of transport's most pressing decarbonisation challenges.
Yara and Trafigura intend to collaborate on initiatives that will establish themselves in the clean ammonia value chain. Under the MoU announced today, Trafigura and Yara intend to work together in the following areas:
- The supply of clean ammonia by Yara to Trafigura Group companies
- Exploration of joint R&D initiatives for clean ammonia application as a marine fuel
- Development of new clean ammonia assets including marine fuel infrastructure and market opportunities
Magnus Krogh Ankarstrand, President of Yara Clean Ammonia, said the agreement is a good example of cross-industry collaboration to develop and promote zero-emission fuel in the form of clean ammonia for the shipping industry. "Building clean ammonia value chains is critical to facilitate the transition to zero emission fuels by enabling the hydrogen economy – not least within trade and distribution where both Yara and Trafigura have leading capabilities. Demand and supply of clean ammonia need to be developed in tandem," he said.
There is a growing consensus that hydrogen-based fuels will ultimately be the shipping fuels of the future, but clear and comprehensive regulation is essential, according to Jose Maria Larocca, Executive Director and Co-Head of Oil Trading for Trafigura.
Ammonia has a number of properties that require "further investigation," according to Wartsila. "It ignites and burns poorly compared to other fuels and is toxic and corrosive, making safe handling and storage important. Burning ammonia could also lead to higher NOx emissions unless controlled either by aftertreatment or by optimising the combustion process," it notes.
Trafigura has co-sponsored the R&D of MAN Energy Solutions’ ammonia-fuelled engine for maritime vessels, has performed in-depth studies of transport fuels with reduced greenhouse gas emissions, and has published a white paper on the need for a global carbon levy for shipping fuels to be introduced by International Maritime Organization.
Oslo-based Yara produces roughly 8.5 million tonnes of ammonia annually and employs a fleet of 11 ammonia carriers, including 5 fully owned ships, and owns 18 marine ammonia terminals with 580 kt of storage capacity – enabling it to produce and deliver ammonia across the globe.
It recently established a new clean ammonia unit to capture growth opportunities in emission-free fuel for shipping and power, carbon-free fertilizer and ammonia for industrial applications.