Germany-based port and transport logistics company Hamburger Hafen und Logistik AG (HHLA) will be actively involved in the newly founded H2Global foundation to implement its hydrogen technology projects.
The Hamburg-based foundation was established in mid-June 2021 with sixteen companies as founders.
It will be buying green hydrogen or derivatives abroad with long-term contracts for resale in Germany via annual auctions.
Specifically, the H2Global foundation is to implement a funding concept specially developed for this purpose. Germany’s government is supporting the foundation with €900 million ($1.06 billion) in order to compensate for the difference between the purchase price of hydrogen derivatives and domestic sales price for a limited period of time, thus creating an incentive for the market ramp-up.
“We want to be a part of this foundation from the beginning to contribute our expertise, but also learn from the experience of others,” Angela Titzrath , the Chairwoman of HHLA’s Executive Board, commented.
Titzrath was elected Deputy Chairwoman of the foundation’s Board of Trustees in an election held online.
HHLA is already working intensively on the possibilities offered by green hydrogen for achieving its climate targets.
“With our activities, we want to contribute to the Port of Hamburg becoming a hub for hydrogen distribution,” Titzrath explained.
Peter Altmaier , German Federal Minister for Economic Affairs and Energy, hailed the establishment of the foundation as a “genuinely historic project” .
“Germany must lead the way globally with hydrogen technology if we want to achieve our sustainability targets,” he pointed out.
A total of €20 to 30 billion in funding is to be provided for the development of green hydrogen in Germany.
Several days ago, HHLA won state funding for a green hydrogen project. The port company can now benefit from an additional €2.3 million to test new transportation technologies for green hydrogen.
The German Federal Ministry of Education and Research (BMBF) will approve substantial amounts of funding for three key hydrogen projects as part of the implementation of the National Hydrogen Strategy. Their purpose is to facilitate Germany’s transition to a hydrogen economy over a period of four years.
More than 240 partners from the scientific and industrial sectors are working together on the key hydrogen projects, with HHLA being one of them.