Mubadala and Siemens Energy Sign MoU on Producing Green Hydrogen and Synthetic Fuel
Posted on 01/17/2021
On January 17, 2021, Mubadala Investment Company and Siemens Energy signed a Memorandum of Understanding (MoU) to create a partnership to drive investment and development of projects to produce green hydrogen and synthetic fuel. The JV partners will focus on projects in Abu Dhabi first, before going international.
Furthermore, Mubadala announced on the same day it formed the Abu Dhabi Hydrogen Alliance along with Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi Developmental Holding Company (ADQ), another Abu Dhabi strategic development sovereign wealth fund (SDSWF). ADNOC currently produces around 300,000 mt/year of hydrogen for its downstream operations, and plans to expand it to more than 500,000 mt.
“Forming the Abu Dhabi Hydrogen Alliance is an imperative that would deepen the hydrogen energy economy in the UAE allowing it to meet the rapidly growing global demand for hydrogen worldwide,” Mohamed Hassan Alsuwaidi, CEO of ADQ, said in a media release. “With Abu Dhabi’s largest portfolio of energy and utilities investments, ADQ will play an important role in the transition to cleaner energy while shaping the future of this economic cluster leading to Abu Dhabi’s longer-term sustainability.”