Total Eren joins the H2Global Foundation. The French company is an independent power producer (IPP) in the renewable energy sector.
It develops, finances, builds and operates wind and solar power plants worldwide. In addition, Total Eren is evaluating major projects worldwide in the green hydrogen sector, particularly in Chile (H2 Magallanes project) and Australia (HyEnergy project).
BMWK supports H2Global Foundation
The H2Global Foundation is an initiative funded by the German Federal Ministry of Economics and Climate Protection (BMWK) to accelerate the market ramp-up of green hydrogen and its derivatives. Together with a growing number of internationally important companies, the aim is to make a decisive contribution to the decarbonization of the economy and independence from fossil fuels. In addition to German companies such as Siemens Energy Global, Thyssenkrupp or Deutsche Bank, European companies such as the mega-port Port of Antwerp-Bruges have recently joined the H2Global Foundation.
“The climate crisis requires immediate action,” says David Corchia, Chief Executive Officer at Total Eren. “Germany is positioning itself at the forefront of developing green hydrogen to meet its industrial and energy needs. Total Eren made the strategic decision more than two years ago to develop multi-gigawatt wind and solar projects in locations that have exceptional natural resources. These projects, which are far from Europe but have low power generation costs, will aim to provide Europe and Asia with clean and reliable energy sources in the form of H2 or its derivatives. Germany is a high priority for us. We hope that strong and forward-looking decisions will enable us to develop these extreme large-scale projects in Latin America, Australia and North Africa for the benefit of local people and Germany.”
Generous funding amounts
Establishing a market for green hydrogen and its derivatives is seen as a crucial lever for achieving the global climate protection targets agreed in Paris. However, the prices for this are still significantly higher than those for environmentally harmful fossil fuels. Energy policy has also become security policy. This is one more reason for the BMWK to support the goals of the H2Global Foundation with generous funding. An intermediary is to auction green hydrogen and its derivatives at the lowest possible price and then resell them in Germany and Europe to the highest bidder. Because this will likely still result in a negative differential, the BMWK is providing funds to make up the price difference.
“The switch to renewable energy sources is one of the core tasks of a European climate and security policy,” says H2Global CEO Markus Exenberger. “That’s why we are naturally very pleased that, following a number of national companies from energy generation, plant engineering, transport and logistics, and consumption, the pan-European dimension of our foundation is becoming increasingly clear.”
