Mubadala and Snam sign MoU to develop hydrogen power
Firms to carry to out technical and economic feasibility studies to explore potential projects in the UAE and globally
Abu Dhabi’s investment arm Mubadala Investment Company (Mubadala) has signed a Memorandum of Understanding (MoU) one of the world’s leading energy infrastructure operators with the aim to collaborate on joint investment and development initiatives on hydrogen.
As part of the agreement, Snam and Mubadala “will carry out a number of assessment activities, including technical and economic feasibility studies to explore potential projects and solutions to foster and promote hydrogen development in the UAE, and elsewhere globally.”
The MoU was signed by Musabbeh Al Kaabi, CEO, UAE Investments, Mubadala and Marco Alvera’, CEO, Snam.
“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,” said Al Kaabi. “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.”
Snam was Europe’s first company to test the injection of a blend of hydrogen and natural gas in its network, and it is developing infrastructure to transport increasing volumes of hydrogen. The company is also scouting for new technologies as well as partnering with other companies to adopt hydrogen in several industries such as railways and steel.
Snam’s Alvera added: “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.”
The MoU reinforces the confidence of both Mubadala and Snam in the commercial and technological potential of the hydrogen industry, as well as its capacity to accelerate the energy transition.
