In order to jointly explore the potential development of green hydrogen projects in the Middle East region to produce hydrogen for Verbund to use as a renewable energy source to Central Europe with a primary focus on Austria, ACWA Power has finalized a partnership agreement with VERBUND, Austria’s leading electricity company.
Energy sector operators all over the world are starting ambitious green hydrogen projects to fully realize their potential over the coming decades due to its favorable environmental effects and ability to decarbonize entire industrial sectors. During the ongoing Abu Dhabi Sustainability Week (ADSW) 2023, partners ACWA Power and VERBUND signed a Memorandum of Understanding (MoU) to formally start their partnership.
Green hydrogen is one of the most promising approaches to combating climate change and accelerating carbon-free strategies. With zero carbon dioxide (CO2) emissions, it is the world’s cleanest and most effective fuel. Green hydrogen is produced by electrolyzing water using only renewable energy sources.
Although the partnership between ACWA Power and VERBUND is still in its early stages, the two parties are in a good position to move the project forward swiftly, in part because of ACWA Power’s continued interest in and activities related to green hydrogen.
The first at scale green hydrogen project is being developed by the NEOM Green Hydrogen Company (NGHC), an equal joint venture between NEOM, ACWA Power, and Air Products. The project, which is expected to be finished in 2026, will generate up to 600 tonnes of carbon-free green hydrogen per day in the form of green ammonia, which will be used as an affordable worldwide transportation alternative.
By combining the technological prowess and more than 75 years of hydropower experience of VERBUND with the operations, operations, and knowledge of ACWA Power, the MoU’s goals, conditions, and aspirations will be met in the future.