Snam and Saipem have signed a Memorandum of Understanding (MoU) to start working together on new energy transition technologies, from green hydrogen to capturing and reusing CO2, with the aim of fighting climate change and contributing to the launch of the hydrogen market, supporting the European Commission’s Hydrogen Strategy.
The aim of this agreement is to jointly define and develop initiatives for green hydrogen production and transport, and for carbon dioxide capture, transport and reuse or storage (CCS and CCU).
Snam and Saipem have already started working together, focusing in particular on developing the technology of water electrolysis, a process that makes it possible to reduce CO2 emissions to zero in the production of green hydrogen, thus effectively fighting global warming.
This agreement also involves a collaborative effort to develop feasibility studies in order to find new solutions to transport hydrogen in both liquid and gaseous form, by using and adapting existing infrastructure and networks as well as by shipping it by vessel, and to capture, transport, store or enhance CO2.
With this Memorandum of Understanding, Saipem and Snam also explore the possibility of participating in EU-funded technological innovation projects.
“With this cooperation, we aim to strengthen our commitment and partnership network in the field of new energy transition technologies, especially green hydrogen and its use in existing infrastructure. Also through its dedicated business unit, Snam is deeply engaged in developing hydrogen and in contributing to the creation of an Italian value chain. Because of its geographical location, the natural resources available to produce renewable energy and the strength of its manufacturing sector, our country can become a European and Mediterranean hydrogen hub, thus making a significant contribution to the fight against climate change as well as creating new opportunities for development and employment”.Marco Alverà, CEO of Snam.
“The agreement we have signed with Snam, with whom we have established a long-standing and productive relationship, is part of our strategy to make Saipem become a global provider of solutions for the energy and infrastructure sector. Therefore, it is consistent with the decarbonisation process that we are committed to pursuing in all our activities, as we strive to be leading players in the process of transition to low-environmental-impact energies. To date, 70% of our order book in the engineering and construction (E&C) sector is not related to oil. Over the next few years, hydrogen will become a commodity which, together with LNG, will shape the energy transition process: Saipem is currently concentrating on both blue hydrogen production technologies, using energy from fossil fuels, and green hydrogen from renewable sources, also drawing on the experience gained from several projects implemented worldwide throughout the Carbon Capture & Storage chain”.Stefano Cao, CEO of Saipem.
The agreement will eventually be the subject of subsequent binding agreements that the parties will define in compliance with the applicable regulatory profiles, including those relating to transactions between related parties.