A signed Memorandum of Understanding (MoU) will see the two companies work on developing a pathway to produce and export green hydrogen to Central Europe, specifically Austria and Southern Germany.
The agreement follows on after the UAE renewable energy company in December (2022) announced the establishment of its new green hydrogen business, setting the goal of producing one million tonnes of green hydrogen per year by 2030.
Just last month (January 13) the company signed an agreement with the Port of Amsterdam, SkyNRG, Evos Amsterdam, and Zenith Energy to explore developing a green hydrogen supply chain between Abu Dhabi and the Netherlands.
Read more: Consortium to explore green hydrogen exports from Abu Dhabi to Port of Amsterdam
“We are committed to developing our green hydrogen business as we see it playing a significant role in the energy transition,” said Mohammed Jameel Ramahi, CEO of Masdar. “We look forward to partnering with like-minded companies like Verbund to accelerate investment in this sector and to meet growing demand in Europe.”
The Austrian hydropower specialist in January (2023) signed an MoU with Saudi Arabian-based ACWA Power to jointly explore the development of green hydrogen projects in the Middle East.
Read more: ACWA and Verbund sign MoU to produce green hydrogen
Michael Strugl, CEO of Verbund, commented, “Verbund is working on the development and expansion of local hydrogen production as well as long-term import solutions. We are very pleased about the cooperation we signed with Masdar.”
The European Commission targeted 10 million tonnes of domestic renewable hydrogen production per year by 2030 under its REPowerEU plan, as well as 10 million tonnes of imports by the same date. Last week (February 1), it unveiled a plan to subsidise domestic production with a fixed premium per kg of green hydrogen.
Read more: European Commission plans to subside green hydrogen production
However, analysis by Aurora Energy Research, unveiled in January concluded that renewable hydrogen imports to the EU could compete with domestic production in 2030.
Based on German modelling, the analysis revealed that hydrogen imports from Australia, Chile, and Morocco would be price competitive compared to domestic renewable hydrogen production by the end of the decade.
Did you know H2 View is recognised as an official partner of the Hydrogen Council?
This means we get exclusive columns, interviews and studies that you won’t find anywhere else. Along with our featured webinars and events, H2 View is the go to global platform for the hydrogen industry.
Become a subscriber today to make sure you don’t miss out. Already a subscriber? Log in here.