Masdar and Verbund ally on hydrogen production

Business Developments & Projects

February 8, 2023, by Aida Čučuk

Abu Dhabi-based clean energy company Masdar and Austria’s energy utility company Verbund have signed a Memorandum of Understanding (MoU) to explore the production of green hydrogen for the Central Europe market.

As per the agreement, the two companies will cooperate on developing pathways to produce and export green hydrogen to Central Europe, specifically Austria and Southern Germany.

Mohamed Jameel Ramahi, CEO of Masdar, said: “Masdar has long pioneered green hydrogen as an energy source for the future and today we believe that future is upon us. We are committed to developing our green hydrogen business as we see it playing a significant role in the global energy transition.”

“We look forward to partnering with like-minded companies like Verbund to accelerate investment in this sector and to meet growing demand in Europe.”

Michael Strugl, CEO of Verbund, stated: “Green hydrogen is the game-changer for a sustainable energy system, taking us a step closer to carbon neutrality. As a leading renewable energy company, Verbund is working on the development and expansion of local hydrogen production as well as long-term import solutions.”

“We are very pleased about the cooperation we signed today with Masdar. Only with global partnerships like this one will we be able to achieve the goal of a successful sustainable energy transition.”

Verbund generates close to 100% of its electricity from climate-friendly, renewable energy, primarily hydropower, complemented by wind and solar, and is also active in energy transmission and international trading. It has launched several flagship projects to expand its value chain into green hydrogen.

In January 2023, Verbund finalised a partnership agreement with a Saudi developer of green hydrogen projects ACWA Power to jointly explore the potential development of green hydrogen projects in the Middle East region.

Masdar has also been active in regard to hydrogen. Last year, it announced the establishment of its new green hydrogen business, with a goal of producing 1 million tonnes of green hydrogen per annum by 2030.