Dubai: Mubadala and Siemens Energy have signed an initial agreement to establish an Abu Dhab-based ‘world-class’ player in the synthetic fuels sector.
The initial focus of activity will be in UAE’s capital before expanding to international markets over time, the companies said in a statement on Sunday.
The firms will utilize renewable energy to produce green hydrogen and synthetic fuels, providing clean and transportable energy to fuel new hydrogen-based ecosystems that are supplied from the UAE.
They will also jointly advance technology and drive down the costs of green hydrogen and synthetic fuels production, the statement said.
“Through this strategic partnership, we expect to be able to leverage Abu Dhabi’s strong foundations for the production and sale of green hydrogen, prove a strong business case and attract investment for the development of new facilities, and establish Abu Dhabi as a reliable supplier of green hydrogen to global markets,” said Musabbeh Al Kaabi, CEO of UAE Investments, Mubadala.
This follows the announcement of the Abu Dhabi Hydrogen Alliance formed between Mubadala, ADNOC and ADQ.
The first initiative under this agreement and the broader Abu Dhabi Hydrogen Alliance will be the consideration of a demonstrator plant located at Masdar City, to be developed under a specific agreement involving Siemens Energy and Masdar, and a number of other key players in the technology, distribution, and end-use portions of the green hydrogen value chain.