Dubai: Abu Dhabi's Mubadala Investment Company will jointly work with Italy's Snam, one of the world's biggest energy infrastructure entities, on joint investments in hydrogen, rated as one of the cleanest energy sources of the future. The two will carry out multiple assessment of likely activities, including technical and economic feasibility studies for potential projects.
The intention is to "foster and promote" hydrogen development in the UAE and globally. "Mubadala has long pioneered and championed a balanced energy mix through our investments in portfolio companies that are contributing to clean, affordable and resilient energy solutions in the UAE and abroad," said Musabbeh Al Kaabi, CEO of UAE Investments at Mubadala.
"This signing with Snam is an extension of our joint efforts to develop a hydrogen economy for the UAE, and we are committed to advancing the role hydrogen will play to meet future energy demand globally.”
First off the mark
Snam was Europe’s first company to test the injection of a blend of hydrogen and natural gas in its network, and remains "committed to get its infrastructure ready to transport increasing volumes of hydrogen". The company also set up a business unit to develop new projects to adopt hydrogen in several industries such as railways and steel.