Siemens Energy and Mubadala Investment Company (Mubadala), the Abu Dhabi state-owned global investment firm, signed a Memorandum of Understanding (MoU) to boost green hydrogen in the Middle East, the company announced in a statement on Monday.
Through this strategic partnership, the companies plan to drive investment and development of advanced technology, manufacture of equipment, and green hydrogen and synthetic fuel production.
"The initial focus of activity will be in Abu Dhabi and over time it is planned that this will be extended to other international markets," the statement read.
As green hydrogen production from renewable energy is likely to play a critical role in decarbonization strategies in several industries, the companies will work closely towards its production and of derivatives, including synthetic fuels.
The companies aim for these synthetic fuels to provide clean and transportable energy to fuel new hydrogen-based ecosystems, which will be supplied from the UAE.
They also target the establishment of Abu Dhabi as a world-class player in green hydrogen and synthetic fuels by jointly advancing technology and driving down the costs of green hydrogen and synthetic fuels production.
Siemens Energy and Mubadala also hope that through the partnership they will gain access to emerging hydrogen markets and create value for both parties.
By Gulsen Cagatay