New renewable hydrogen facility in Brazil receives $30 million boost

Green Energy Park (GEP) Global, a renewable energy franchise, has signed a definitive agreement for $30 million Series-A funding and obtained the long-term rights to the hydrogen port terminal facilities in Luis Correia, Brazil, marking a milestone on its journey to build a large hydrogen and hydrogen derivatives production plant in the country.

Courtesy of Green Energy Park (GEP) Global

Green Energy Park (GEP), founded in 2023, said the franchise’s purpose is to produce renewable hydrogen in the most cost-competitive locations with an initial focus on conditions in the North-East of Brazil, adding that it will distribute its green fuels to off-takers in industry and transport with a mission to help decarbonize the hard-to-abate sectors of the economy.

Green Energy Park Piaui in Brazil is GEP’s first hydrogen production plant, targeting 10.8 GW of electrolyzer capacity when fully built.

“Working closely with off-takers around the world enables a novel approach to design, build, and operate a vertically integrated hydrogen supply chain. Green Energy Park is partnering with a wide range of energy users offering a cost-competitive solution to their decarbonization needs,” GEP noted.

Bart Biebuyck, CEO of GEP, stated: “The world is at risk of falling behind its climate goals. The urgency to act is now. Despite the many efforts and programs to arrest climate change, emissions from fossil fuels, including coal, oil, and gas, have reached a new record in 2023. To achieve Net Zero carbon emissions by 2050, we need to install 6,000 gigawatts of electrolyzer capacity around the world. This is a monumental task. The good news is that it can be done. It is not too late to act. But we must act now!”

“Therefore, at Green Energy Park, we are on a singular mission: To produce the lowest-cost renewable hydrogen at the gigawatts scale. To achieve our ambitious goal, we combine cutting-edge hydrogen production technologies, with innovative process engineering solutions, at one of the most advantageous sites for renewable hydrogen production in the world, in the State of Piaui, Brazil. In short, Piaui is set to become our ground zero of the hydrogen revolution. Therefore, we are incredibly proud of our strong partnership with the State of Piaui on this critical mission.”

Victor Hugo Almeida, CEO of Investe Piaui, commented: “The State of Piaui offers some of best conditions in the world for producing green hydrogen. The State Government, and the Governor, Rafael Fonteles, are fully committed to unlocking the great potential of our unique natural resource endowment to the benefit of our citizens, the climate, and indeed the world.”

“Green Energy Park provides our State with a tremendous opportunity for a bright future. The world-scale hydrogen project will create thousands of high-quality jobs in our state and will accelerate a green industrialization of our economy. We want to attract international businesses to build a world-scale hydrogen cluster by creating a favorable investment environment with strong support by the State of Piaui. Therefore, we are implementing an innovative approach for a green industrialization of our country, for others to follow in Brazil and beyond.”

“We are incredibly proud that Green Energy Park has chosen Piaui to implement the most advanced hydrogen production facility in the world. The government will fully support the undertaking and is well prepared to help this global flagship project to succeed.”

Click here to read more about hydrogen in Brazil.