Mubadala Investment Company (Mubadala) and Snam today (22nd March) unveiled a new partnership to foster and promote hydrogen development in the UAE.
The companies have signed a Memorandum of Understanding (MoU) for the efforts that will include a number of assessment activities, including technical and economic feasibility studies to explore potential projects and solutions.
At the signing Marco Alvera, CEO at Snam, said, “This agreement shows Snam’s commitment to accelerate the energy transition and the development of green gases, more specifically, at global level by applying our skills and technologies to enhance the competitiveness of this key solution for the climate challenge.”
“At the same time, Snam is further strengthening its presence in the UAE and in the Gulf area, which we consider strategic because of their crucial role in the energy transition. We will work closely with Mubadala leveraging our mutual know-how and investment capabilities in order to identify projects of common interest in the UAE and contribute to the development of a hydrogen-fuelled economy.”
Musabbeh Al Kaabi, CEO of UAE Investments, Mubadala added, “As a responsible investor and an active player in the global energy transition, Mubadala has long pioneered and championed a balanced energy mix through our investments in portfolio companies that are contributing to clean, affordable and resilient energy solutions in the UAE and abroad.”
“This signing with Snam is an extension of our joint efforts to develop a hydrogen economy for the UAE, and we are committed to advancing the role hydrogen will play to meet future energy demand globally.”
According to a statement, the partnership will also look at opportunities elsewhere globally.
Mubadala driving Abu Dhabi’s green hydrogen economy plans
Did you read H2 View’s exclusive interview with Mubadala’s CEO of UAE Investments, Musabbeh Al Kaabi, that was published in our February issue?
“We believe in the commercial potential of hydrogen, both as source of energy and as a chemical feedstock. Therefore, we are committed to advancing the role of hydrogen through our investments and financing the value chain to supply communities with clean, affordable and resilient energy, in partnership with other world class organisations,” Al Kaabi said.
“As the sovereign wealth fund of Abu Dhabi, we are also committed to advancing the hydrogen economy in the UAE.”
Read the interview here.