Saudi developer of green hydrogen projects ACWA Power has finalised a partnership agreement with Austria’s electricity company Verbund to jointly explore the potential development of green hydrogen projects in the Middle East region.
The companies signed a memorandum of understanding (MoU) during the ongoing Abu Dhabi Sustainability Week (ADSW) 2023.
As part of the partnership, produced hydrogen will be used by Verbund as a renewable energy source to Central Europe with a primary focus on Austria.
Commenting on the MoU, Mohammad Abunayyan , ACWA Power’s Chairman, said: “Today’s announcement is another illustration of our enduring commitment to bringing ingenuity and entrepreneurship together to ensure power is generated reliably, responsibly, and sustainably at the global level.
“In collaboration with Verbund, we are excited to jointly explore the possibilities to deliver green hydrogen to Central Europe with a primary focus on Austria on a consistent basis, which will not only support nations in their energy transition efforts, but also drive social development, industrial advancement, and economic growth across the region.”
Although their collaboration has only just begun, ACWA Power and Verbund expect to drive project progression quickly, partly due to ACWA Power’s ongoing green hydrogen activities and involvement.
One such project is being developed by the NEOM Green Hydrogen Company (NGHC), an equal joint venture between ACWA Power, Air Products and NEOM.
The joint venture developing the world’s first at-scale green hydrogen project. Scheduled for completion in 2026, the project will produce up to 600 tonnes per day of carbon-free green hydrogen in the form of green ammonia to be utilised as a cost-effective solution for transportation globally.