Germany’s PtX Fund, SCATEC seal €30M grant for green hydrogen project in Egypt
Updated 10/8/2024 12:13:00 PM
Arab Finance: Germany’s Power-to-X (PtX) Development Fund has inked a grant agreement worth €30 million with SCATEC for a green hydrogen project in Egypt, as per a statement.
The project will be funded via the €270 million grant launched previously by the German Ministry of Economic Cooperation and Development to boost hydrogen production in seven countries, including Egypt.
The project aims to bolster the Egypt’s strategy to scale up green hydrogen production and the transition to renewable energy sources in order to achieve economic development.
It seeks to promote green transition in the Suez Canal Economic Zone (SCZONE) while steering the country toward climate neutrality in energy-intensive and resource-intensive industries.
In addition, the project is expected to create 1,330 job opportunities throughout the construction, operation, and maintenance phases.
It is also anticipated to produce 70,000 tons of green ammonia annually, 140,000 tons of carbon dioxide equivalent annually, along with setting the stage for sustainable industrial transition in Egypt.
The agreement was signed on the sidelines of the two-day Hamburg Sustainability Conference 2024, which took place October 7th in Germany.
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