Masdar, Hy24 sign €2bn green fuels agreement on COP28 sidelines

Masdar and Hy24 signed a €2bn joint development and investment framework agreement to foster large-scale green hydrogen projects on the sidelines of COP28 in Dubai.

Under the agreement, the two firms will develop and invest in projects along the Power-to-X value chain including renewable power converted via electrolyzers into green hydrogen and derivatives. These include green ammonia, e-methanol, sustainable aviation fuel and liquid hydrogen.

The companies will focus on projects located in key regional hubs across Europe, the Americas, Asia Pacific and the Middle East and North Africa (MENA).

The Hy24-managed Clean Hydrogen Infrastructure Fund expects co-investment and co-development opportunities will be made available to Masdar, which could represent up to €2bn of investments in the next five years.

 “Masdar’s collaboration with Hy24, the world’s largest clean hydrogen pure-play investor, will see us leverage our shared expertise and resources. Now, Masdar and Hy24 will work together to maximize green hydrogen’s huge potential to accelerate the energy transition for a cleaner, greener future,” said Mohamed Jameel Al Ramahi, CEO, Masdar.

“Hydrogen is unanimously recognized as one of the most promising tools for the energy transition, a view that has been reinforced at COP28. Our joint agreement aims to unlock investments for some of the largest and most strategic green hydrogen projects in the world,” commented Pierre-Etienne Franc, CEO, Hy24.