BASF and AM Green B.V. have signed a memorandum of understanding (MoU) to jointly evaluate and develop business opportunities for low-carbon chemicals produced exclusively with renewable energy in India.

The MoU was signed by Markus Kamieth, chairman of the board of executive directors of BASF SE, and Mahesh Kolli, group president of AM Green, during the the Asia-Pacific Conference of German Business 2024 in New Delhi, said a joint statement from the companies.

Mint reported that the both the companies have tied up in the low-carbon chemicals space and offtake of green ammonia.

Under the MoU, BASF and AM Green intend to conduct feasibility studies on low-carbon chemicals production in India including a joint evaluation of potential technologies.

The cooperation also includes a non-binding letter of intent for the offtake of 100,000 tonnes annually of ammonia produced exclusively with renewable energy including energy from pumped storage projects from AM Green’s plants in India.