SCZONE partners with Germany’s H2 Industries for $4B green hydrogen plant
Updated 6/1/2022 1:18:00 PM
ArabFinance: The Suez Canal Economic Zone (SCZONE) has signed a memorandum of understanding (MoU) with German energy storing company H2 Industries to build the first plant for recycling waste into green hydrogen with investments amounting to around $4 billion, according to an official statement.
The plant, located in SCZONE, is set to process around four million tons of waste and produce 300,000 tons of green hydrogen annually, H2 Industries’ CEO Michael Stusch said.
The establishment of the first-of-its-kind plant in Egypt is the beginning of an expansion of H2 Industries’ operations in the Middle East and North Africa (MENA), he added.
The top official noted that transformation of green hydrogen into a clean fuel - especially for aviation – is a promising market, amid a global shift towards green economy and reduction of carbon emissions.
In a relevant news, the Economic Committee at the Egyptian House of Representatives approved the new budget of the Suez Canal Economic Zone (SCZONE) for the fiscal year (FY) 2022/2023, with total allocations of EGP 42 billion.
