Al Fattan Energy will join hands with LTechUVC, company based in South Korea to participate in the green hydrogen-based green ammonia business on the occasion of the visit of the President of the Republic of Korea.
On January 19, Al Fattan Group and LTechUVC, a hydrogen-based smart city consulting company in Korea, attended Al Fattan Energy headquarters in Abu Dhabi for the official signing of a “200MW class green hydrogen-based green ammonia business investment contract” with AL Fattan Energy (AFE), a subsidiary of Al Fattan Holding and Investment. Both companies key Senior Officials were present during the contract signing ceremony.
The objective of this initiative is to build a 200MW class green hydrogen and ammonia production project with a total project cost of about USD 400 million, which will be promoted in KEZAD (provisional) area, the largest industrial complex in Abu Dhabi, together with major Korean companies with expertise in the field, with LTechUVC leading ‘Team Korea’.
This venture is a synergistic alliance that brings together the strong credentials of AFE in designing, executing, and delivering EPC projects, with its presence across the energy sector, and the expertise of LTechUVC in offering and developing utility-scale renewable energy solutions.
Al Fattan Energy, a subsidiary of Al Fattan Holding Investment, specializes in nuclear, oil &gas and renewable energy engineering in the MENA (Middle East and North Africa) region. Its parent company, Al Fattan Holding Investments, is an Abu Dhabi-based company specializing in naval vessel construction, maritime defense, transportation, urban / infrastructure development, and construction as well as in the Oil and Gas sector in general.
LTechUVC is a consulting company specializing in hydrogen-based energy business, with a 20MW hydrogen fuel cell project due to start construction in May this year. LTechUVC is leading consulting firm in the green Hydrogen energy development field.
The investment in hydrogen production by both parties marks a long awaited first step decision to participate in the development of the hydrogen technology in the UAE in partnership with major Korean and international companies, and with the support and possible business relationship with major UAE Government Establishments.
In our path to become among the leaders in green hydrogen energy production, the partnership with LTechUVC adds several dimensions to our endeavor that would include R&D, geographical market reach and a grasp of the consumer environment needs.
Green hydrogen refers to hydrogen produced using solar power generation (renewable energy), and green ammonia is synthesized with ammonia.
Korea is one of the world's top three ammonia importers, and recently the Korean government has decided to promote green ammonia mixed combustion power generation in coal and gas-fired power plants to achieve 'zero greenhouse gas emissions' by 2050.
Currently, the whole world is striving to develop eco-friendly energy for the transition to a decarbonized society, the need for the green hydrogen industry is emerging enough to foster specialized companies in each country. Al Fattan Energy CEO expressed his aspiration, saying, "At a time when the interest in eco-friendly energy is high worldwide, we will strive to establish ourselves as a leader in the global hydrogen economy together with Korean companies with technological prowess."
As a powerful impetus to the development of hydrogen energy around the world is given by the “Green Agenda”, this partnership will strive to be a driving force in the development of Hydrogen production technology. The main emphasis is to pioneer the mass production of green energy to meet the international demand, as it is forecasted the market will take off towards the end of the decade.
We are very pleased with this agreement, which will further enrich our alliance with major Korean companies and contribute to the valorization of UAE abundant low-cost renewable power potential.