COP28, Expo City, Dubai: Masdar, one of the world’s fastest growing clean energy companies, has signed a non-binding Heads of Terms (HoT) development agreement with OMV, the integrated company for energy, fuels & feedstock, chemicals and materials, to explore in partnership the production of green hydrogen for the decarbonization of industrial processes in OMV’s refineries.
The non-binding HoT forms the basis of a joint agreement to develop an industrial large scale electrolysis plant, which will be powered by renewable energy. The partners will collaborate to develop the project and plan to make a final investment decision in the second half of 2024.
The Heads of Terms development agreement was signed at the UN climate change conference, COP28, in Dubai and follows an initial Memorandum of Understanding (MoU) that was signed between the two parties in Abu Dhabi earlier this year.
“This cooperation agreement with OMV is another step in the right direction towards building a robust hydrogen value chain and supports our ongoing aim of 1 million tonnes of green hydrogen per annum globally by 2030”, said Mohammad Abdelqader El Ramahi, Masdar’s Chief Green Hydrogen Officer.
Masdar has been a pioneer in exploring hydrogen production since 2008 and is developing and investing in strategic projects and building scalable platforms in key markets around the world.
In line with national and international climate goals, OMV has set itself the target of becoming climate neutral by 2050. A central pillar in achieving this goal is the use and production of green hydrogen via electrolysis from renewable electricity for use in its refineries.
Abu Dhabi Future Energy Company (Masdar) is the UAE’s clean energy champion and one of the fastest growing companies in the world, advancing the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges. Established in 2006, Masdar has developed projects in over 40 countries, helping them to achieve their clean energy objectives and advance sustainable development. Masdar is jointly owned by Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company (Mubadala), and Abu Dhabi National Energy Company (TAQA), and under this ownership the company is targeting a renewable energy portfolio capacity of at least 100 gigawatts (GW) by 2030 and an annual green hydrogen production capacity of up to 1 million tonnes by the same year.
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