According to reports, German company SEFE has signed a memorandum of understanding with Saudi Arabia's ACWA Power to supply 200000 tons of green hydrogen to Europe annually by 2030, in order to strengthen cooperation in the field of hydrogen energy.
This cooperation is jointly promoted by German company SEFE (Securities Energy for Europe GmbH) and Saudi Arabia's ACWA Power. SEFE, as a German state-owned energy company, is committed to ensuring energy security in Europe; ACWA Power is a Saudi listed company, the world's largest private seawater desalination company, and a pioneer in green hydrogen and a leader in energy transformation.
Witnessed by the Saudi Minister of Energy and the German Federal Minister of Finance, Saudi listed company ACWA Power signed a memorandum of understanding with German company SEFE. The memorandum aims to establish a hydrogen energy bridge between Saudi Arabia and Germany, ensure European energy security, and produce and supply green hydrogen for Europe. According to the memorandum, ACWA Power will serve as the main developer, investor, and operator of green hydrogen and green ammonia production assets, while SEFE will act as a joint investor and major off taker to sell green hydrogen to its German and European customers. This cooperation marks a crucial step towards strengthening energy cooperation between Saudi Arabia and Germany, and is in line with Germany's growing demand for green hydrogen to achieve its economic decarbonization and climate goals.
The CEO of ACWA Power has high hopes for this collaboration, believing that it is an important milestone in accelerating the green hydrogen economy in Europe and will contribute to global decarbonization efforts. The CEO of SEFE also stated that this partnership perfectly embodies their dual goals: ensuring energy supply to Europe while driving energy transition.
In addition, the agreement further strengthens ACWA Power's rapidly growing green hydrogen product portfolio and aligns with its green hydrogen projects in NEOM, Uzbekistan, and other countries to jointly promote the development of the global green hydrogen economy.
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