After signing a collaboration contract with the Spanish Government, the Danish marine transport giant Maersk will invest over 10,000 million euros to start a green hydrogen “megaproject.”

The goal is to stimulate the production of green hydrogen and biofuels in the Spanish maritime industry and to transform the nation into a global hub. Since they would be able to accommodate two plants for the production of green fuels and are promoted as strategic locations for the development of a global network to promote the production of sustainable fuels for maritime transport, the development of this project would specifically take place in two port areas of Andalusia and Galicia, which are still to be determined.

The Danish business will like to produce two million tons of green methanol for maritime transportation by 2030. Three stages would be involved in the development; the first would see 200,000 tons of green methanol produced up until 2025; the second would see a million tons produced by 2027; and the third would see two million tons of green methanol produced by 2030.

The initiative would include every step of the value chain, from the creation of renewable energy to “bunkering.” A complete green hydrogen ecosystem will also be developed by the shipping firm in collaboration with academic institutions, regional businesses, and other partners.

The project is anticipated to create about 85,000 employment, both direct and indirect, during the construction phase, and the government does not exclude out participating as a strategic investor in it.

The project will aim to use current European monies to promote green hydrogen in addition to the potential government investment. The parties have completed a preliminary analysis of the project’s competitiveness and are currently working on a final assessment with the goal of promoting its development by the middle of next year.