The Abu Dhabi Department of Economic Development (ADDED) has partnered with UK asset management firm HYCAP Group for the production, storage, and transport of green hydrogen.
ADDED and HYCAP will set up an industrial complex in Abu Dhabi with the involvement of local partners.
The complex will specialise in industries related to hydrogen and the advancement of renewable energy sources to attract and establish more industrial companies and bolster the value chains within this sector.
Under the deal, ADDED’s Industrial Development Bureau and HYCAP will work together to establish an industrial complex in Abu Dhabi to develop renewable energy sources, an electrolysis plant, a hydrogen storage facility, and hydrogen tankers for transportation.
“The UAE is leading the transition to clean, renewable energy and this agreement with the Abu Dhabi Department of Economic Development is a demonstrable example of the commitment in the region to grasp the opportunity this presents,” Jo Bamford, chairman and founding partner of HYCAP Group.
The complex will contribute to the development of Abu Dhabi’s sustainable industrial sector and the goals of the Abu Dhabi Industrial Strategy, which seeks to develop value chains for targeted sectors.
Similarly, HYCAP will work to build a robust ecosystem of industries in Abu Dhabi that revolve around the hydrogen industry and clean energy infrastructure including the establishment of clean hydrogen production facilities, clean hydrogen storage and transport, electrical charging manufacturing and fuel cell manufacturing.
The asset management firm is actively seeking to attract global industrial companies specialising in this field to their industrial complex in Abu Dhabi.
ADDED bolsters UAE’s clean energy strategy
ADDED said the partnership with HYCAP will spearhead the transition to net zero in line with the UAE Net Zero Strategy 2050 and the National Hydrogen Strategy.
Last July, the UAE said it plans to invest around $54.5bn (Dhs200bn) as part of its updated national energy strategy that is aimed at tripling the contribution of renewable energy over the next seven years.
The national hydrogen strategy is aimed at increasing the country’s investments in hydrogen while enhancing the UAE’s position among the world’s largest producers of low-carbon hydrogen.
Meanwhile, Abu Dhabi’s ADNOC opened H2GO, the region’s first high-speed green hydrogen pilot refuelling station, to test a fleet of zero-emission hydrogen-powered vehicles.
The station, located in Masdar City and operated by ADNOC Distribution, will produce green hydrogen from water, using an electrolyser powered by clean grid electricity.
Hydrogen is an energy carrier that creates no carbon dioxide (CO2) when used. As a result, no carbon is released into the atmosphere from production to end-use.