At the close of COP28, Masdar and Hy24 have announced a strategic agreement to jointly develop and invest in major international green hydrogen production projects.

The latest climate conference, which outlined a transition away from fossil fuels, was an opportunity for Masdar to stock up on contracts. the company is one of the world leaders in renewable energy production, with a portfolio of projects amounting to 20 GW. An agreement has therefore been signed between Masdar with Hy24, manager of the world’s largest investment fund dedicated to low-carbon hydrogen (the Clean H2 Infra Fund). They will both co-invest to accelerate the deployment of major green hydrogen projects. These joint opportunities could go as high as €2 billion of investment for Masdar over the next five years (about $2.2 billion).

Masdar and Hy24 will study opportunities across the entire Power-to-X value chain (which involves the production of green hydrogen by electrolysis using renewable energy), as well as the production of its derivatives such as green ammonia, e-methanol, sustainable aviation fuels (SAFs) and liquid hydrogen.

For Pierre-Etienne Franc, the CEO of Hy24, “this agreement demonstrates the strong potential for France and the United Arab Emirates to jointly develop large-scale decarbonisation projects.” The world regions concerned will be Europe, North and South America, Asia, Oceania, the Middle East and North Africa.

Do you want to learn more about Masdar, Hy24 and hydrogen? Then our latest 2 articles on these subjects should interest you. You can read our latest article about Masdar here and about Hy24 there. 

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Article written by Laurent Meillaud and translated by Logan King