Mubadala and Siemens Energy have signed a deal to create a strategic partnership to drive investment and development of advanced technology, manufacture of equipment, and green hydrogen and synthetic fuel production.
The initial focus of activity the Memorandum of Understanding (MoU) will be in Abu Dhabi and it is intended this will be expanded to international markets over time.
Together with Masdar and other energy players in the Mubadala Group, the companies will work closely towards the following goals:
• Use renewable energy to produce green hydrogen and synthetic fuels
• Provide clean and transportable energy to fuel new hydrogen-based ecosystems that are supplied from the UAE
• Establish an Abu Dhabi-headquartered world-class player in the synthetic fuels sector
• Jointly advance technology and drive down the costs of green hydrogen and synthetic fuels production
• Enable Mubadala and Siemens Energy to access emerging hydrogen markets and create value for both parties
The MoU was signed by Musabbeh Al Kaabi, Chief Executive Officer of UAE Investments at Mubadala Investment Company, and Christian Bruch, CEO of Siemens Energy.
Mohamed Jameel Al Ramahi, CEO, Masdar, Mubadala’s global renewable energy subsidiary, was also present at the signing, underscoring the important role the companies will have in executing initiatives under the agreement.
Musabbeh Al Kaabi said, “Mubadala is strongly committed to the development of the UAE’s hydrogen economy, and we are pleased to be extending our relationship with Siemens Energy in this important emerging energy sector.”
“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.”
“This strategic partnership highlights the UAE’s visionary commitment towards developing a sustainable, green hydrogen economy,” said Dietmar Siersdorfer, Managing Director Siemens Energy Middle East.
“Siemens Energy has pioneered this space, generating green hydrogen from renewable energy using proton exchange membrane electrolysis. We look forward to advancing and leveraging the many applications of green hydrogen, in partnership with Mubadala and the other key stakeholders throughout the hydrogen value chain, for the benefit of the UAE and the world.”
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