For combinedly in pursuit of powering a numerous green energy objective, both the entities have signed on a Memorandum of Understanding (MoU), and this investment will be channelized for the progress of the better technology, manufacturing equipment, as well as synthetic fuel productivity.
Both the giant entities Mubadala Investment Firm as well as Siemens Energy both have signed upon an initial agreement for exploration of possible investments as well as commercial prospects within the Cleaner Energy as well as Green Hydrogen, establishing Abu Dhabi as a global hub for the low-carbon fuels.
Mubadala stated within a statement as on Sunday, that this pact between Mubadala, the Abu Dhabi’s core strategic investment arm, as well as Germany’s Siemens Energy, one of the pioneer leaders within the Energy Technology, will as well as channelize the investment into a progressive technology as well as manufacturing of equipment and synthetic fuel production.
The Chief Executive of UAEs investments at Mubadala, Musabbeh Al Kaabi, stated that: “Mubadala is strongly committed to the development of the UAE’s hydrogen economy, and we are pleased to be extending our association with Siemens Energy in this vital emerging energy sector.”
Through the partnership, “we expect to be able to leverage Abu Dhabi’s strong foundations for the production and sale of green hydrogen”, he said
Together with Masdar and supplementary energy players in the Mubadala Group, the establishments will work closely towards the subsequent objectives: –
• Utilize the renewable energy to manufacture green hydrogen and synthetic fuels.
• Deliver clean and transferrable energy to power in the new hydrogen-based ecosystems that are provided from the UAE.
• Create an Abu Dhabi-headquartered global-class player in the synthetic fuels’ arena.
• Cooperatively advance technology and determine down the overall rates of green hydrogen and synthetic fuels production.
• Empower Mubadala and Siemens Energy to contact 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 establishments will initially emphasis on enhancing Abu Dhabi’s green hydrogen competences, as the UAE endures to follow ambitious targets of plummeting its carbon footprint and evolving its hydrogen economy. The partners will later look to swell into global markets, it announced.
Mubadala and Siemens Energy are in pursuit to create a “strong business case and attract investment for the development of new facilities, and establish Abu Dhabi as a reliable supplier of green hydrogen to global markets”, he added.
The UAE, the second-biggest Arab economy has vowed to diminish its carbon emissions by a quarter by 2030 and has already arranged out clean energy and carbon emissions promises. Abu Dhabi National Oil Company is also watching to establish a “hydrogen ecosystem” that will permit it to meet mounting global demand for the lighter and cleaner gas that is emerging as a substitute to fossil fuels.
McKinsey evaluates that the progress of a hydrogen economy could produce $140bn in annual revenue by 2030 and benefit sustenance for in excess of 700,000 jobs in the US alone.
According to BloombergNEF, Clean hydrogen can cut the hydrocarbons industry’s greenhouse gas emissions by 34 percent. The progress of hydrogen can help mature a €120 billion ($142.3bn) industry in Europe by 2050, according to Aurora Energy Research.
Mubadala and Siemens Energy have a long-lasting rapport. Together with Masdar and other energy players in the Mubadala group, the two businesses will be utilizing the renewable energy to manufacture green hydrogen and synthetic fuels that will deliver clean and transportable energy to “fuel new hydrogen-based ecosystems that are supplied from the UAE.”
The partnership underscores the UAE’s “commitment towards developing a sustainable, green hydrogen economy”, Dietmar Siersdorfer, managing director of Siemens Energy Middle East, said.
The two partners also plan to establish an Abu Dhabi-based “world-class player in the synthetic fuels sector” and jointly develop technologies to bring down the cost of green hydrogen and synthetic fuels production, Mubadala said.
“We look forward to progressing and leveraging the many applications of green hydrogen, in company with Mubadala and the other significant stakeholders throughout the hydrogen value chain, for the advantage of the UAE and the world.”
The union is one of three hydrogen-related agreement being signed during to Abu Dhabi Sustainability Week, starting from Tuesday in the emirate. This agreement is part of the UAE’s predominant framework for the progress of its hydrogen economy.
Mubadala said the first initiative under its deal with Siemens and the wider Abu Dhabi Hydrogen Alliance will be “the contemplation of a demonstrator plant located at Masdar City.” Earlier this year, Mubadala combined the investor group of the Hydrogen Council, reinforcing the business’s pledge to the emerging energy sector, according to the statement.