ACWA Power Saudi Arabia is moving to export green hydrogen to Europe

2023-10-23 2023-10-23T20:56:09Z

Arabia Weather - The Saudi company ACWA Power is planning to establish a corridor to export hydrogen to Europe through the Dutch port of Amsterdam, in the latest step that was revealed today, and the details of which were reviewed by the specialized energy platform. In this context, the Saudi company signed a memorandum of understanding with Zenith Energy, Gaslog, and the Port of Amsterdam, to explore the feasibility of establishing a hydrogen export corridor between the company’s production sites and the Port of Amsterdam. The signing of the memorandum of understanding came on the sidelines of the Saudi-European Investment Forum held today, Monday, October 23 ( 2023) in Riyadh, organized by the Saudi Ministry of Investment and the European Union.<h2 style=";text-align:left;direction:ltr"> A corridor for hydrogen export to Europe</h2> ACWA Power (the largest private water desalination company in the world, a leader in the energy transition, and the first company working in the field of green hydrogen) continues to implement its goal to be a global producer of green hydrogen, as it is currently developing the NEOM green hydrogen project, which is the largest of its kind in the world, at an investment cost of 8.5%. One billion US dollars, and it uses renewable energy in all its facilities. The company is also leading the development of its second green hydrogen project in the Republic of Uzbekistan, in addition to pursuing more projects and feasibility studies in a number of countries in the Middle East and Africa, and other geographical regions. A portion of the green hydrogen produced will be allocated for export, with a focus on the European market. The memorandum of understanding is based on a previous agreement signed between the Kingdom of Saudi Arabia and the Kingdom of the Netherlands , and aims to enhance cooperation in various sectors, such as clean hydrogen, maritime transport technologies, standards, certifications, and creating effective international supply chains.<h2 style=";text-align:left;direction:ltr"> A leap towards a new horizon</h2> ACWA Power CEO Marco Arcelli said:<blockquote style=";text-align:left;direction:ltr"> “Cooperation is more than just a starting point, it is a leap towards a new horizon.”</blockquote> He added:<blockquote style=";text-align:left;direction:ltr"> “As the first green hydrogen company, we are not only unleashing the potential of green hydrogen, the fuel of the future, but also exporting our expertise and commitment to our global audience.”</blockquote> He pointed out that strengthening cooperation with Zenith Energy, Gaslog, and the Port of Amsterdam demonstrates the company's dedication to pioneering clean energy at the international level. He also said:<blockquote style=";text-align:left;direction:ltr"> “In addition to shaping the business case for emerging clean energy sectors such as green hydrogen, we are showcasing the Kingdom’s role in leading the global energy transition with a more innovative, unified, collaborative path.” </blockquote><img alt="" src="/sites/default/files/uploads-2020/%D8%A3%D9%83%D9%88%D8%A7%20%D8%A8%D8%A7%D9%88%D8%B1%20%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9%20%D8%AA%D8%AA%D8%AD%D8%B1%D9%83%20%D9%84%D8%AA%D8%B5%D8%AF%D9%8A%D8%B1%20%D8%A7%D9%84%D9%87%D9%8A%D8%AF%D8%B1%D9%88%D8%AC%D9%8A%D9%86%20%D8%A7%D9%84%D8%A3%D8%AE%D8%B6%D8%B1%20%D8%A5%D9%84%D9%89%20%D8%A3%D9%88%D8%B1%D9%88%D8%A8%D8%A7.PNG" /><h2 style=";text-align:left;direction:ltr"> Cooperation details</h2> ACWA Power, Zenith Energy and Gaslog will conduct a detailed feasibility study to establish a trade corridor for liquefied green hydrogen between the Saudi company’s production sites and the Port of Amsterdam. Based on the results of that study, the stakeholder partners may subsequently engage in a joint development agreement to define roles and responsibilities, engaging with potential contractors near the Port of Amsterdam and neighboring areas. The parties will also explore the possibility of providing appropriate incentives that would boost demand for green hydrogen. And make it accessible to everyone. The Dutch government had previously stated its intention to allocate 9 billion euros ($9.57 billion) to develop the production and distribution of green hydrogen until 2030, of which 300 million euros ($319.15 million) were allocated for import operations.<h2 style=";text-align:left;direction:ltr"> Energy transformation</h2> The Port of Amsterdam is a global energy hub that prioritizes the development of green hydrogen capabilities, as part of its drive for the energy transition, to serve as a gateway that connects the world to European Union countries by creating viable import corridors. For her part, Chief Investment Officer of the Port of Amsterdam, Doreen Bosman, said:<blockquote style=";text-align:left;direction:ltr"> “We believe in the role of green hydrogen in enhancing the world’s capabilities to meet the challenges of reducing carbon emissions</blockquote> This platform will provide hydrogen producers, such as Aqua Power, with the option to “reconvert” their liquid hydrogen, for delivery to HyNetwork, and distribution within the port and various regions in the Netherlands. The liquid hydrogen will be exported via barges and trucks to local contractors, including: Including Schiphol Airport in Amsterdam. Zenith Energy is working closely with Gaslog, a leading global provider of LNG shipping services, to develop specialized vessels capable of transporting liquid hydrogen safely and efficiently from ACWA Power's hydrogen production sites to the Port of Amsterdam. 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This article was written originally in Arabic and is translated using a 3rd party automated service. ArabiaWeather is not responsible for any grammatical errors whatsoever.

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