Mubadala and Siemens Energy join forces to drive green agenda in UAE

  • Date: 18-Jan-2021
  • Source: Arabian Business
  • Sector:Oil & Gas
  • Country:UAE
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Mubadala and Siemens Energy join forces to drive green agenda in UAE

Mubadala and Siemens Energy have signed a deal to create a strategic partnership to drive investment and development of advanced technology, manufacture of equipment, and green hydrogen and synthetic fuel production.

The initial focus of activity the Memorandum of Understanding (MoU) will be in Abu Dhabi and it is intended this will be expanded to international markets over time.

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Together with Masdar and other energy players in the Mubadala Group, the companies will work closely towards the following goals:

• Use renewable energy to produce green hydrogen and synthetic fuels• Provide clean and transportable energy to fuel new hydrogen-based ecosystems that are supplied from the UAE• Establish an Abu Dhabi-headquartered world-class player in the synthetic fuels sector• Jointly advance technology and drive down the costs of green hydrogen and synthetic fuels production• Enable Mubadala and Siemens Energy to access emerging hydrogen markets and create value for both parties

The MoU was signed by Musabbeh Al Kaabi, Chief Executive Officer of UAE Investments at Mubadala Investment Company, and Christian Bruch, CEO of Siemens Energy.

Mohamed Jameel Al Ramahi, CEO, Masdar, Mubadala's global renewable energy subsidiary, was also present at the signing,