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15 Dec 2023

Masdar and Hy24 have signed a strategic agreement concerning large-scale hydrogen projects

Amy Power
Masdar and Hy24 have signed a strategic agreement concerning large-scale hydrogen projects

It was recently announced that Masdar and Hy24 have signed a strategic agreement which focuses on joint development and investment around large-scale hydrogen projects. The partnership will cover multiple key areas, will benefit both companies and will also aim to act as a catalyst for other large-scale hydrogen projects.

The predominant focus will be directed to large-scale projects located in key regional hubs based in Europe, America, Asia Pacific and the Middle East and North Africa (MENA). This plan was agreed during COP28, which was held in Dubai, and the plan encompasses researching and exploring which Power-to-X projects would be suitable for investment. These projects involve renewable power converted to hydrogen via electrolysers, plus versions of this project which utilise ammonia, e-methanol, sustainable aviation fuel (SAF) and liquid hydrogen.

Whilst the joint collaboration will benefit the large-scale hydrogen projects which are deemed suitable for investment, the partnership will also benefit both Masdar and Hy24. While Hy24, who is a company made up of a collaboration between Ardian and FiveT Hydrogen, will gain access to opportunities in MENA through this project. On top of this advantage, Hy24 will also benefit from Ardian’s pre-established partnerships which are based within the region.

On the other hand, Masdar has stated that they expect the agreement and partnership with Hy24 to help them reach their 20GW target for their various renewable energy projects based across the world. Reaching this target will give them the chance to provide companies with the ability to explore larger transactions and project developments which reach across the regions. These expansions will aim to be happening at scale and at pace. Alongside this benefit, Masdar could expect a new opportunity to co-invest and co-develop with the Clean Hydrogen Infrastructure Fund, a company managed by Hy24.

Masdar’s CEO, Mohamed Jameel Al Ramahi, commented, “Throughout our 17-year history, Masdar has deployed a ‘first mover’ approach to the clean energy transition worldwide. Now, Masdar and Hy24 will work together to maximise green hydrogen’s huge potential to accelerate the energy transition for a cleaner, greener future.”

Co-Founder and CEO of Hy24, Pierre-Etienne France, added, “It (the agreement) also demonstrates the strong potential for both France and the UAE to develop large-scale decarbonisation projects together within this industry vertical. We need to see more capital allocated by institutional investors and sovereign wealth funds to climate action.”

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