Under the MoU, signed during the Abu Dhabi Sustainability Week, the two will jointly explore the potential development of green hydrogen projects in the Middle East.
The hydrogen produced will be used by Verbund as a renewable energy source to Central Europe, with a primary focus on Austria.
Due to ACWA Power’s ongoing involvement in hydrogen activities, the two parties are well positioned to drive development.
Last year ACWA agreed to develop green hydrogen and ammonia in Indonesia and also signed an MoU to develop green hydrogen and its derivatives in South Africa.
Read more: ACWA Power plans to develop green hydrogen and ammonia in Indonesia
Read more: ACWA Power targets $10bn worth of green hydrogen projects in South Africa
Mohammad Abunayyan, ACWA Power Chairman, said, “In collaboration with Verbund, we are excited to jointly explore the possibilities to deliver green hydrogen to central Europe on a consistent basis.”
Michael Strugl, Verbund CEO, added, “Verbund is Austria’s leading energy company and one of the largest producers of hydroelectricity in Europe. Green hydrogen is a logical next step.”
The NEOM Green Hydrogen Company (NGHC) is an equal joint venture between ACWA Power, Air Products and NEOM, and is developing the world’s ‘first’ at scale green hydrogen project.
The facility is scheduled for completion in 2026, incorporating 2.2GW electrolysers that will be fed by 4GW of renewable energy, and aims to produce 1.2m tonnes of green hydrogen-based ammonia annually.
It is projected to produce up to 600 tonnes of green hydrogen per day, being utilised as a cost-effective solution for transportation globally, and the hydrogen produced would be enough to power 20,000 buses or abate 5m tonnes of carbon dioxide (CO2).
Read more: NEOM green hydrogen facility begins construction
Paddy Padmanathan, Vice-Chairman and CEO, ACWA POWER, was recently speaking at Davos 2023 on The Jobs and Skills of a Green Transition.
Read more: Attracting skilled workers ‘mustn’t be a roadblock to the energy transition’
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