NH3 Clean Energy (ASX:NH3) received a positive assessment for its WAH2 clean ammonia project in Western Australia from advisory firm ACIL Allen, according to a Friday filing with the Australian bourse.
The assessment forecasts "substantial public benefit" from the project and supports financing applications the company has filed with government-backed lending groups Northern Australia Infrastructure Facility and Export Finance Australia, per the filing.
ACIL Allen estimates that phase 1 of the project would boost Australia's gross domestic product by AU$7.3 billion over its lifespan, or an average of AU$253 million per year. The advisory firm also forecasts the creation of an average of 80 full-time equivalent jobs and tax payments of AU$2.6 billion over the life of the project.
The project would also reduce global emissions by 13.5 million tonnes of carbon dioxide equivalent by displacing conventional fossil fuels through the use of clean ammonia, among other public benefits, NH3 Clean Energy said.
The company's shares gained nearly 9% in recent Friday trade.