Masdar, one of the world’s fastest-growing clean energy companies, has signed a memorandum of understanding (MoU) with VERBUND, one of the largest producers of hydropower in Europe, to explore the production of green H₂ for the Central Europe market.

The MoU was signed at Abu Dhabi Sustainability Week 2023 by Michael Strugl, Chief Executive Officer, VERBUND, and Mohammad Abdelqader El Ramahi, Executive Director, green H₂, Masdar. As per the agreement, the two companies will cooperate on developing pathways to produce and export green H₂ to Central Europe, specifically Austria and Southern Germany.

Mohamed Jameel Ramahi, Chief Executive Officer, Masdar, said, “Masdar has long pioneered green H₂ as an energy source for the future and today we believe that future is upon us. We are committed to developing our green H₂ business as we see it playing a significant role in the global energy transition.  We look forward to partnering with like-minded companies like VERBUND to accelerate investment in this sector and to meet growing demand in Europe.”

Last year, Masdar announced the establishment of its new green H₂ business, with a goal of producing 1 MMtpy of green H₂ by 2030.

"Green H₂ is the game-changer for a sustainable energy system, taking us a step closer to carbon neutrality. As a leading renewable energy company, VERBUND is working on the development and expansion of local H₂ production as well as long-term import solutions,” said Michael Strugl, Chief Executive Officer, VERBUND. "We are very pleased about the cooperation we signed today with Masdar. Only with global partnerships like this one will we be able to achieve the goal of a successful sustainable energy transition."