KKR and IGNIS have joined forces to establish a new Power-to-X (P2X) platform aimed at developing green hydrogen and ammonia projects for industrial applications in challenging-to-decarbonize industries. The platform will leverage traditional renewables such as wind and solar to produce green hydrogen, ammonia, e-methanol, and other synthetic fuels catering to sectors like refining, steel, chemicals, and fertilizer seeking decarbonization opportunities. This initiative aligns with KKR's focus on climate investing and decarbonization, with a significant investment of up to €400 million allocated towards future projects. By jointly owning the platform, both companies plan to address the decarbonization needs of heavy industry, particularly in Spain and globally. The partnership signifies a crucial step towards the development of around 20 GW of P2X projects in Spain and other selected countries, in addition to over 10 GW of renewable projects globally. These projects, strategically located near major off-takers, are pivotal in facilitating the decarbonization of hard-to-abate sectors, emphasizing the importance of transitioning towards sustainable energy solutions. The endorsement from KKR and IGNIS highlights the business potential and environmental impact of P2X technology, positioning them as key players in the energy transition space.