Abu Dhabi’s Mubadala signs MoU with Snam to explore hydrogen-focused projects
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Abu Dhabi’s Mubadala signs MoU with Snam to explore hydrogen-focused projects

Abu Dhabi’s Mubadala signs MoU with Snam to explore hydrogen-focused projects

The two entities will carry out technical and economic feasibility studies to explore potential projects promoting hydrogen development in the UAE and elsewhere

Abu Dhabi

Abu Dhabi’s Mubadala Investment Company (Mubadala) has signed an MoU with energy infrastructure operator Snam to collaborate on investment and development initiatives in hydrogen.

As part of the agreement, the two companies will carry out a number of assessment activities, including technical and economic feasibility studies to explore potential projects and solutions to promote hydrogen development in the UAE and globally.

Snam was Europe’s first company to test the injection of a blend of hydrogen and natural gas in its network, and it is committed to get its infrastructure ready to transport increasing volumes of hydrogen.

It also set up a business unit fully dedicated to the scouting for new technologies as well as developing new projects by teaming up with other partners to adopt hydrogen in several industries such as railways and steel.

“Mubadala has long pioneered and championed a balanced energy mix through our investments in portfolio companies that are contributing to clean, affordable and resilient energy solutions in the UAE and abroad,” said Musabbeh Al Kaabi, CEO of UAE Investments at Mubadala.

“This signing with Snam is an extension of our joint efforts to develop a hydrogen economy for the UAE, and we are committed to advancing the role hydrogen will play to meet future energy demand globally.”

Marco Alvera, CEO at Snam, added: “This agreement shows Snam’s commitment to accelerate the energy transition and the development of green gases, more specifically, at global level by applying our skills and technologies to enhance the competitiveness of this key solution for the climate challenge.

“At the same time, Snam is further strengthening its presence in the UAE and in the Gulf area, which we consider strategic because of their crucial role in the energy transition. We will work closely with Mubadala leveraging our mutual know-how and investment capabilities in order to identify projects of common interest in the UAE and contribute to the development of a hydrogen-fuelled economy.”

Last year, Mubadala joined the Investor Group of the Hydrogen Council. Earlier this year, it formed an Abu Dhabi Hydrogen Alliance with ADNOC and ADQ, to build a substantial hydrogen economy for the UAE. The alliance will work towards establishing Abu Dhabi as a leader of low-carbon green and blue hydrogen in emerging international markets and will help build a substantial green hydrogen economy in the UAE.

Read: Mubadala, ADNOC and ADQ form alliance to grow green hydrogen economy in the UAE

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