Green Energy Park (GEP) has raised $30m in Series-A funding and secured the long-term rights to a hydrogen port terminal in Brazil for green ammonia exports to Europe.
The company plans to build a 10.8GW green hydrogen plant in Piaui, Brazil, with intentions to export the energy carrier to Croatia for distribution across southeast Europe.
Saying the funding round “underscores the strong interest” from various “partners, global offtakers and financial institutions,” GEP plans to distribute green hydrogen-bases fuels to industrial and transport offtakers.
Having previously secured €2bn of investment from the EU’s Global Gateway initiative, the project plans to integrate hydrogen and derivatives production utilising “world-class” renewable electricity.
Read more: EU backs 10GW Brazilian hydrogen project for export to Croatia
Bart Biebuyck, CEO of GEP, said Piaui was set to become the company’s “ground zero of the hydrogen revolution,” praising the affirmed partnership with the Brazilian state.
“To achieve our ambitious goal, we combine cutting-edge hydrogen production technologies with innovative process engineering solutions, at one of the most advantageous sites for renewable hydrogen production in the world, in the State of Piaui,” he said.
Victor Hugo Almeida, CEO of Investe Piaui, said the state offers “some of the best conditions in the world for producing green hydrogen,” adding the GEP project provides Piaui with a “tremendous opportunity.”
“The world-scale hydrogen project will create thousands of high-quality jobs in our state and will accelerate a green industrialisation of our economy,” he said. “We want to attract international businesses to build a world-scale hydrogen cluster by creating a favourable investment environment with strong support by the State of Piaui.”
Brazil is also looking to further incentivise the production of green hydrogen. On November 28, 2023, Brazil’s Lower House – Câmara dos Deputados – passed a Bill to regulate hydrogen production, establishing a voluntary certification scheme and crucially, tax incentives.
Bill 2308/23 looks to establish the Low Carbon Emission Hydrogen Development Program (PHBC) to fund low-carbon hydrogen production with subsidies to support the commercialisation of low-carbon hydrogen and its derivatives for up to 10 years.
Keep an eye out for H2 View’s next Policy Pillar feature looking at South America for more details.
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