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added-teams-up-with-hycap-to-establish-abu-dhabi-based-industrial-complex
© HYCAP Group
added-teams-up-with-hycap-to-establish-abu-dhabi-based-industrial-complex
© HYCAP Group

ADDED teams up with HYCAP to establish Abu Dhabi-based industrial complex

HYCAP Group and the Abu Dhabi Department of Economic Development (ADDED) will establish a hydrogen-based industrial complex in in the Middle East.

Under a Memorandum of Understanding (MoU), the two companies will focus on the production, storage, and transport of green hydrogen, with involvement from local partners.

Located in Abu Dhabi, the industrial complex will ensure the development of renewable energy sources, an electrolysis plant, a hydrogen storage facility, and hydrogen tankers for transport.

The complex is expected to contribute to the development of the Abu Dhabi Industrial Strategy (ADIS), which seeks to develop value chains for targeted sectors. The UAE’s National Hydrogen Strategy also aims to make it a top 10 producer of green hydrogen by 2031, with a target output of 1.4 million tonnes per year.

Jo Bamford, Chairman and Founding Partner of HYCAP Group, stated the company has opened its offices in the UAE to place HYCAP Group at the “centre of the world’s emerging green hydrogen hubs.” He added that the UAE is “leading the transition to clean, renewable energy.”

As part of the project, HYCAP will establish clean hydrogen production facilities, clean hydrogen storage and transport, an electrolyser manufacturing facility, electrical charging manufacturing, fuel cell manufacturing, and developing bus and truck manufacturing facilities.

HYCAP Group opened a regional headquarter in the Abu Dhabi Global Market (ADGM) to support its expansion to the region, revealing plans for a UAE-based GCC fund that will invest in the adoption of hydrogen.

Arafat Al Yafei, Executive Director of the IDB, said, “This is part of the partnerships we are building with leading global powerhouses to enable our manufacturing sector to achieve the ADIS goals.

“The strong performance of the industrial sector in 2023 reflects continued success of ADIS initiatives as the sector now contributes over 17% to the Abu Dhabi non-oil GDP and 9% of the overall GDP.”


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