Once signed, the Implementation Agreement will trigger the start of the front-end engineering and design (FEED) phase in the development of the ambitious project.

Additionally, Hyphen has brought Boston Consulting Group and Lazard in as its international strategic and financial advisors respectively, in a hope of ensuring Namibia’s potential as one of the top locations in the world for green hydrogen production is realised.

It is expected, at full scale, the project will produce approximately 350,000 tonnes of green hydrogen per year, with 5-6GW of renewable generation capacity paired with 3GW of electrolysis capacity.

Read more: Construction of Namibia’s $10bn hydrogen project set to start in 2025

Marco Raffinetti, CEO of Hyphen Hydrogen Energy, said, “We’re very pleased at the commitment and rapid pace of progress that the Namibian Government has shown as we move towards concluding the Implementation Agreement to enable us to start the next phase of the project.

“It demonstrates the Government’s belief in Hyphen’s vision and capability to execute this ambitious and transformative project. Our project will put Namibia’s green hydrogen industry firmly on the global energy and decarbonisation map and position Namibia for rapid green hydrogen scalability.

“I would like to thank the Government for their support to date as we move forward together to deliver this important project for the country. I would also like to warmly welcome our new employees to the Hyphen team.”