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Masdar Partnered With VERBUND To Explore Green Hydrogen Production | |
| Sumita Pawar |
Masdar, one of the clean energy companies with the fastest growth rate in the world, has signed a memorandum of understanding (MoU) with VERBUND, Austria's largest energy company and one of the biggest hydropower producers in Europe.
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"To explore the production of green hydrogen for the Central European market," stated the report.
The MoU was signed at Abu Dhabi Sustainability Week (ADSW) 2023 by Michael Strugl, Chief Executive Officer, VERBUND, and Mohammad Abdelqader El Ramahi, Executive Director, Green Hydrogen, Masdar.
According to the agreement, the two companies will work together to find ways to make green hydrogen and export it to Central Europe, especially Austria, and Southern Germany.
Mohamed Jameel Ramahi, Chief Executive Officer, Masdar, said, "Masdar has long pioneered green hydrogen as an energy source for the future, and today we believe that future is upon us." We are committed to developing our green hydrogen business, as we see it playing a significant role in the global energy transition. "We look forward to partnering with like-minded companies like Verbund to accelerate investment in this sector and meet growing demand in Europe."
The report further mentions the minister’s discussion on cooperation in renewable energy.
Last year, Masdar announced the establishment of its new green hydrogen business, with a goal of producing 1 million metric tonnes of green hydrogen per year by 2030.
"Green hydrogen is the game-changer for a sustainable energy system, taking us a step closer to carbon neutrality." "As a leading renewable energy company, VERBUND is working on the development and expansion of local hydrogen production as well as long-term import solutions," said Michael Strugl, Chief Executive Officer of VERBUND.
"We are very pleased about the cooperation we signed today with Masdar. "Only with global partnerships like this one will we be able to achieve the goal of a successful sustainable energy Michael Strugl added.
According to the report, VERBUND generates close to 100 percent of its electricity from climate-friendly, renewable energy, primarily hydropower, complemented by wind and solar, and is also active in energy transmission and international trading. It thinks that green hydrogen will be a key part of decarbonizing industry and transportation in Europe, and it has already started a number of big projects to add green hydrogen to its value chain.
Green hydrogen is typically hydrogen produced from water electrolysis powered by renewable electricity.
The resulting energy carrier can be used in many energy applications. It can be used in the form of hydrogen or converted to other derivatives for industry, power, or transportation, supporting the decarbonization of hard-to-abate sectors like heavy industry, long-haul freight, shipping, and aviation.
With such a wide range of prospective uses and needs, green hydrogen demand is expected to grow greatly in the coming years, according to the report.
Meeting governments' climate pledges alone will require 34 million tonnes per annum (mtpa) by 2030, according to the International Energy Agency's Global Hydrogen Review 2022.