Belgian company Dredging Environmental and Marine Engineering NV (DEME) is gearing up to invest a colossal $3 billion in a groundbreaking green hydrogen production project in Egypt. This ambitious project aims to serve the growing demands of European markets for clean hydrogen.
This landmark initiative will be established in the vicinity of the port city of Gargoub, located in western Egypt. The project’s mission aligns with the rising global commitment to transition towards clean and renewable energy sources, specifically green hydrogen.
DEME, a prominent player in the fields of dredging and marine engineering, is stepping into the green energy landscape with this multi-billion-dollar investment. The company’s commitment underscores the increasing importance of hydrogen as a clean and sustainable energy vector, poised to transform industries and reduce carbon emissions.
This strategic endeavor came to light following a pivotal meeting between Egyptian Prime Minister Mostafa Madbouly and DEME’s CEO Luc Vandenbulcke in Brussels. The discussions revolved around this ambitious project, which is expected to be a game-changer in the green energy sector. The meeting occurred on the sidelines of the inaugural Global Gateway Initiative Forum, an EU-led program aimed at countering the “New Silk Roads” initiative led by China.
The Global Gateway Initiative, initiated by the European Union in early 2022, is an extensive infrastructure investment program with a substantial budget of 300 billion euros. It primarily targets development in emerging economies and has a significant focus on Africa, with the intent to enhance digitalization, energy, and transportation infrastructure.
Egypt’s strategic location, along with its commitment to green hydrogen production, positions it as a key player in the global effort to decarbonize and transition to clean energy. DEME’s investment highlights the growing significance of hydrogen in the transition to renewable energy and the profound impact it can have on the European market.
As the global community shifts its gaze towards sustainable energy sources and endeavors to reduce its carbon footprint, Egypt and DEME’s $3 billion investment pave the way for a brighter, cleaner future. Green hydrogen’s role in the energy transition is solidified, and Gargoub’s hydrogen plant is poised to be a significant supplier to European markets, accelerating the shift towards a sustainable energy landscape.