Saudi Arabia-based ACWA Power, a first mover in green hydrogen, signed a memorandum of understanding (MoU) with Snam to explore collaboration and joint investments to establish a supply chain of green hydrogen to Europe.
Snam, a leading European operator in natural gas transportation, storage, and regasification, aims at building a pan-European multi-molecule infrastructure, advancing energy security and the transition to net zero.
The partnership will involve exploring potential collaboration and joint investments aimed at establishing an international supply chain for a dependable and cost-effective supply of green hydrogen from Saudi Arabia to Europe.
It also envisages evaluating the development of an ammonia import terminal in Italy to facilitate the delivery of green hydrogen through the South H2 Corridor, the 3,300km long corridor reaching central Europe through Italy, Austria and Germany.
Marco Arcelli, Chief Executive Officer of ACWA Power, said the company is excited to join forces with Snam to drive significant advancements in the green hydrogen sector.
“With power sector emissions already down 40 per cent compared to 20 years ago, we now need to focus our collective efforts on new, low-carbon molecules to decarbonise our sectors. Bringing our expertise together will help accelerate this process,” he said.
Stefano Venier, the Chief Executive Officer of Snam, said the EU’s ambitious decarbonisation targets need decisive action across all manufacturing sectors, utilising all available technologies in a practical, efficient and accelerated manner.
“Hydrogen plays a key role here, and we are glad to pursue development opportunities in this field also through agreements like the one we signed with ACWA Power,” he said.
Venier said the development of the ammonia import terminal is synergic with that of the South H2 Corridor.
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