A memorandum of understanding was signed by VERBUND and Masdar to work together to test the generation of green hydrogen for the Central European market.
On the occasion of Abu Dhabi Sustainability Week 2023 in Abu Dhabi, the premier venue for driving international sustainable development, the two partners signed a Memorandum of Understanding. Michael Strugl, CEO of VERBUND, and Mohammad Abdelqader El Ramahi, Executive Director of Green Hydrogen at Masdar, signed the contract. In accordance with the conditions of the agreement, the two businesses will work together to develop the production and export of green hydrogen to Central Europe, particularly Austria, and Southern Germany.
Masdar’s CEO, Mohamed Jameel Ramahi, said: “Green hydrogen has long been a frontier energy source for Masdar; this is the start of the energy future. We are dedicated to growing our green hydrogen company because we think it will be essential to the world’s energy transformation. To accelerate investment in this area and satisfy the expanding demand in Europe, we are glad to collaborate with organizations that share our values, like VERBUND.”
With a target of producing 2030 million tons of green hydrogen year by 1, Masdar announced the launch of its new green hydrogen business last year.
“Green hydrogen will alter the rules of the sustainable energy game and move us one step closer to achieving climate neutrality. As a pioneer in the field of renewable energy, VERBUND is working on long-term import solutions as well as the development and growth of local hydrogen production “VERBUND CEO Michael Strugl explains. “The collaboration agreement with Masdar that we signed today has our full approval. We won’t be able to achieve the objective of a successful transition to sustainable energy without international collaborations like these.”
Nearly all of VERBUND’s electricity comes from environmentally friendly, renewable sources, mostly hydropower with support from wind and solar energy. The company is also involved in energy transmission and international trading. The company has already started a number of landmark initiatives to extend its value chain to green hydrogen since it believes that it will play a critical role in the decarbonization of Europe’s industrial and transportation sectors.