Masdar, a UAE-based clean energy company, has signed a memorandum of understanding with Austrian electricity utility VERBUND to produce green hydrogen. To export green hydrogen to Central Europe, especially Austria and Southern Germany, the two companies will concentrate on developing new methods of producing it.
Masdar launched its green hydrogen company in 2022 with the goal of producing one million tonnes of green hydrogen annually by the year 2030. Based in Vienna, VERBUND is one of Austria’s primary energy utility companies and one of the largest producers of hydropower in Europe. The company generates most of its energy by using hydropower, which is complemented by wind and solar assets. It is also active in energy transmission and international trading.
In January 2023, Masdar inked agreements for the development of renewable energy projects with Angola, Uganda, and Zambia, with a total combined capacity of 5 GW. The agreements were inked as part of the Etihad VII initiative, a global development fund founded by the UAE with the goal of providing clean electricity to 100 million people in Africa by 2035.