07.12.2023,
8131 Zeichen
Dubai, Uae (ots/PRNewswire) - COP28, Expo City Dubai; Abu Dhabi
Future Energy Company PJSC – Masdar, one of the world's leading
renewable energy companies, and VERBUND Green Hydrogen GmbH have
signed a deal to explore developing a green hydrogen plant in central
Spain with a view to decarbonizing Europe's hard-to-abate sectors.
* Masdar, the UAE's flagship renewable energy company, and VERBUND
Green Hydrogen GmbH, part of VERBUND group, Austria's leading
energy company, sign agreement at COP28 to explore feasibility of
large-scale electrolysis in central Spain.
* Agreement creates a 50:50 partnership for a joint study to
explore
the development of green hydrogen, while consolidating Masdar's
and VERBUND's strong commitment in Spain and Europe
* Potential green hydrogen produced could be used to decarbonize
hard-to-abate industries in Spain and central Europe to meet
net-zero goals.
As world leaders negotiate at the UN's Climate Change Conference
COP28 in the UAE, clean energy pioneers Masdar and VERBUND Green
Hydrogen GmbH moved forward with plans to analyze the feasibility of
building one of Europe's largest green hydrogen production plants in
central Spain. Harnessing the abundant renewable resources of
Castilla-La Mancha region, the prospective plant will aim to generate
green hydrogen to cover industrial demand in Spain and central
Europe. The study will evaluate if green hydrogen produced at the
plant has the potential to displace up to 1 million tonnes of carbon
emissions annually, equivalent of removing around 700,000 cars from
the road every year.
The agreement was signed by Mohammad Abdelqader El Ramahi, Masdar's
Chief Green Hydrogen Officer and Hamead Ahrary, Managing Director of
VERBUND Green Hydrogen GmbH during COP28 in Expo City Dubai. It
cements an earlier pact, signed between the companies during Abu
Dhabi Sustainability Week in January 2023, to explore green hydrogen
opportunities to cover European demand.
Green hydrogen is produced using electricity from renewable sources
whereby the water is separated into oxygen and hydrogen, via the
process of electrolysis. It is intended that the explored plant will
produce green hydrogen using renewable energy generated by solar
power plants, potentially including Masdar's planned gigawatt-scale
solar plant in Castilla-La Mancha, and onshore wind farms. The
project is expected to stimulate job creation and boost green
industry in the sparsely populated area.
Mohammad Abdelqader El Ramahi, Masdar's Chief Green Hydrogen Officer,
said: "Masdar is delighted to be moving forward on this milestone
project with our strategic partner, VERBUND Green Hydrogen GmbH. As
one of Europe's largest planned green hydrogen production plants, the
project aims to produce green hydrogen to help decarbonize the
continent's hard-to-abate industries while creating jobs and tapping
into the region's enormous solar and wind potential. Our successful
collaboration on this project paves the way for further development
of green hydrogen and a vital pipeline linking centers of production
with end-use markets. At COP28, as the world looks for ways to
accelerate the journey to net zero, partnerships such as this serve
as a powerful example of what can be achieved if we work together
with purpose and at pace."
There is huge growth potential for green hydrogen in Europe. Spain
currently consumes around 500,000 tonnes of mainly traditional fuel
derived 'gray' hydrogen per year, which could be gradually replaced
with green hydrogen. By 2035, Austria alone is expected to require
around 600,000 tonnes per year of clean hydrogen.
Michael Strugl, Chief Executive Officer of VERBUND, emphasized the
innovation and technology leadership in the ramp-up of the hydrogen
economy in Europe with this project: "We are very pleased that,
within our cooperation with Masdar we can take the next step in the
form of a Joint Study Agreement (JSA). The goal is to identify the
subsequent way forward towards large-scale hydrogen production in
Spain. Partnerships like this are essential to jointly ramp up the
European hydrogen market to meet decarbonization goals."
Hamead Ahrary, Managing Director of VERBUND Green Hydrogen GmbH
added: "The Spanish market plays a vital role for us, both for the
development of local H2 production, as well as for future potential
import to central Europe. The joint study will generate valuable
insights for the feasibility and execution of a potential project,
which would result in the further strengthened positioning of VERBUND
in the Spanish market. Hence, we are looking forward to the results
of this study."
The planned green hydrogen produced is expected to be used to
decarbonize Spain or Europe's hard-to-abate sectors, which could
include steel production, fertilizers, chemicals, heavy
transportation, and aviation. Currently, steelmaking alone is
responsible for 5 percent of European carbon emissions. With most
European Union nations pledging to become carbon neutral by 2050,
green hydrogen presents a powerful vehicle for achieving that aim.
Expected to be operational by the end of the decade, the planned
green hydrogen plant will serve the industrial sector and has the
potential to help decarbonize heavy transportation in Spain as well
as in central Europe.
About Masdar
Abu Dhabi Future Energy Company (Masdar) is the UAE's clean energy
champion and one of the fastest growing companies in the world,
advancing the development and deployment of renewable energy and
green hydrogen technologies to address global sustainability
challenges. Established in 2006, Masdar has developed projects in
over 40 countries, helping them to achieve their clean energy
objectives and advance sustainable development. Masdar is jointly
owned by Abu Dhabi National Oil Company (ADNOC), Mubadala Investment
Company (Mubadala), and Abu Dhabi National Energy Company (TAQA), and
under this ownership the company is targeting a renewable energy
portfolio capacity of at least 100 gigawatts (GW) by 2030 and an
annual green hydrogen production capacity of up to 1 million tonnes
by the same year.
For more information please visit: http://www.masdar.ae and connect:
facebook.com/masdar.ae and twitter.com/masdar
About VERBUND
VERBUND Green Hydrogen GmbH is part of VERBUND group which is
Austria's leading energy company and one of the largest producers of
electricity from hydropower in Europe. VERBUND group generates around
95 percent of its electricity from renewable sources, primarily
hydropower. The group trades in electricity in 12 countries and, in
2022, achieved a consolidated result of around €1,700 million and
EBITDA of around €3,160 million with around 3,500 employees. With
subsidiaries and partners, VERBUND is active in everything from
electricity generation and transport to international trading and
sales. VERBUND has been listed on the Vienna Stock Exchange since
1988, 51% of the share capital is owned by the Republic of Austria.
VERBUND is the decisive player for the success of the energy
turnaround in Austria. The challenges that lie ahead require a
cohesive orientation of the entire company, which VERBUND is driving
forward with Mission V. Mission V is a long-term and comprehensive
transformation program and stands for the will to confront the
climate crisis as a force for change. This program is based on the
VERBUND Strategy 2030 with its three thrusts: Strengthening the
integrated home market, expanding renewable energies in Europe and
establishing itself as a European hydrogen player. With Mission V,
VERBUND is accelerating the achievement of its strategic goals 2030
and ensuring their implementation.
More information:
For more information please visit: http://www.verbund.com and
connect: VERBUND AG: Übersicht | LinkedIn
This material is distributed by Daniel J. Edelman, Inc. on behalf of
Masdar. Additional information is available at the Department of
Justice, Washington, DC.
Photo - https://mma.prnewswire.com/media/2295494/Masdar.jpg
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