Masdar and Verbund Team Up for Renewable Hydrogen Production in Central Europe

  • 13-Feb-2023
  • Journalist: Jaideep

Europe: Masdar and the Austrian utility Verbund have just taken a giant leap in exploring renewable Hydrogen production for Central Europe. The two companies signed a Memorandum of Understanding (MoU), marking the start of this ambitious journey.

Two companies have recently collaborated to open pathways for the production and exportation of renewable Hydrogen to Central Europe. The memorandum of understanding (MoU) was signed in Abu Dhabi, with the goal of providing Austria and southern Germany with renewable energy sources.

Masdar, a leading renewable energy company, announced that they have established a renewable Hydrogen business. The ambitious target is to produce one million tonnes of Hydrogen Per year by 2030.

The company is engaged in multiple initiatives worldwide to harness the power of renewable Hydrogen. This includes a 2GW integrated offshore wind and renewable Hydrogen project based in Azerbaijan, as well as a 2GW renewable Hydrogen project located in the Suez Canal Economic Zone.

Verbund has reported that their electricity supply is comprised largely of energy generated by hydro-electricity power plants. This source of energy is supplemented using wind turbines and solar farms, with the sum amounting to more than 95% of the company’s total electricity output.

Austria announced its Hydrogen Strategy, which states that the country is striving to install a total of 1GW of electrolyser capacity by 2030. The plan calls for renewable Hydrogen only, as low carbon Hydrogen and Hydrogen produced from nuclear are "not sustainable" and "do not constitute as climate-neutral Hydrogen".

Related Deals