Mubadala, Italy’s Snam sign pact to invest in hydrogen development
The signing with Snam is an extension of Mubadala’s joint efforts to develop a hydrogen economy for the UAE.
As part of the agreement, the two companies 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, Chief Executive Officer of UAE Investments at Mubadala Investment Company (Mubadala), and Marco Alvera’, Chief Executive Officer at Snam.
Commenting on the importance of the MoU, Musabbeh Al Kaabi, CEO of UAE Investments, Mubadala, said, “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.”
Marco Alvera’, Chief Executive Officer 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.”
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.
Snam was Europe’s first company to test the injection of a blend of hydrogen and natural gas in its network, and it is committed to get its infrastructure ready to transport increasing volumes of hydrogen. The company also set up a business unit fully dedicated to the scouting for new technologies as well as developing new projects by teaming up with other partners to adopt hydrogen in several industries such as railways and steel.
Last year, Mubadala joined the Investor Group of the Hydrogen Council, demonstrating the company’s growing commitment to the emerging sector.
Mubadala also recently formed the Abu Dhabi Hydrogen Alliance, alongside ADNOC and ADQ, to build a substantial hydrogen economy for the UAE, and developing a roadmap to accelerate the country’s adoption and use of hydrogen in major sectors such as utilities, mobility and industry.
The Alliance partners will collaborate to establish Abu Dhabi as a trusted leader of low-carbon green and blue hydrogen in emerging international markets. They will also work together to build a substantial green hydrogen economy in the UAE.
Under the terms of the agreement, the Alliance will develop a roadmap to accelerate the UAE’s adoption and use of hydrogen in major sectors such as utilities, mobility and industry, through their respective operating companies and with international partners. Mubadala, Adnoc and ADQ will also align on their approach to international markets, for projects developed under the Alliance, to position Abu Dhabi as a reliable and secure supplier of hydrogen and its carriers to customers around the world as demand grows.
During a virtual ceremony, the MoU was signed by Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Adnoc Group CEO, Khaldoon Khalifa Al Mubarak, Managing Director and Group Chief Executive Officer of Mubadala Investment Company, and Mohamed Hassan Alsuwaidi, Chief Executive Officer of ADQ.
Commenting on the importance of the Alliance, Dr Al Jaber said, “I am pleased that we are coming together as Adnoc, Mubadala and ADQ on this important initiative to explore and develop the potential of hydrogen as a new, low carbon fuel.
He added, “This Alliance integrates our complementary strengths as industrial, energy and financial leaders to address the global challenge of meeting energy demand, while reducing emissions. In addition, this alliance will build on Abu Dhabi and the UAE’s global energy leadership and position as the centre of gravity for energy innovation.”
WAM
