Scatec ASA’s Egypt Green Hydrogen project has signed an agreement with the PtX Development Fund for a grant of €30 MM for partial financing of the project which will have a total capex of approximately €500 MM.

The PtX Development Fund is established by the German Federal Ministry for Economic Cooperation and Development and KfW, and managed by KGAL, with the aim to support Power-to-X projects in developing and emerging countries. This is the first grant approved by the fund.

“We are pleased that our Egypt Green Hydrogen project has been recognized with this €30-MM grant from the German government and KfW Group through the PtX Development Fund. This achievement is a testament to the maturity of the project and reaffirms the broad support we have for this project,” said Scatec CEO Terje Pilskog.