Mubadala, Siemens Energy to accelerate green hydrogen capabilities in Abu Dhabi

  • Date: 17-Jan-2021
  • Source: Zawya
  • Sector:Oil & Gas
  • Country:UAE
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Mubadala, Siemens Energy to accelerate green hydrogen capabilities in Abu Dhabi

ABU DHABI- Mubadala Investment Company (Mubadala) and Siemens Energy, one of the world's leading energy technology companies, have signed a Memorandum of Understanding (MoU) with the intention of creating 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 will be in Abu Dhabi and it is intended this will be expanded to international markets over time.Together with Masdar and other energy players in the Mubadala Group, the companies will work closely towards the following goals: utilizing renewable energy to produce green hydrogen and synthetic fuels, providing 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 and 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.The signing was witnessed by Sharif Salim Al Olama, Undersecretary of the UAE Ministry of Energy