Masdar, leading renewable energy companies, and Hassan Allam Utilities, the investment and development arm of Hassan Allam Holding Group, signed two Memorandums of Understanding (MoU) with Egyptian state-backed organizations to cooperate on the development of green hydrogen production plants in the Suez Canal Economic Zone and on the Mediterranean coast.
The Egyptian organizations include the New and Renewable Energy Authority, the Egyptian Electricity Transmission Company, The Sovereign Fund of Egypt, and The General Authority for Suez Canal Economic Zone.
Masdar and Hassan Allam Utilities see Egypt as a hub for green hydrogen production, targeting the bunkering market, export to Europe, and boosting local industry.
Under the signed MoUs, Masdar and Hassan Allam Utilities will develop green hydrogen plants in multiple phases until 2030 for the production of up to 480,000 tons of green hydrogen annually, through four-gigawatt electrolyzer facilities.
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