Hygenco Enters MoU with Al Jomaih Energy and Water for Green Hydrogen Initiatives in the Middle East
Hygenco Green Energies, a company specializing in green hydrogen solutions, has announced the signing of a Memorandum of Understanding (MoU) with Al Jomaih Energy and Water (AEW).
The MoU aims to explore green hydrogen projects in the Middle East region.
The agreement was signed during the India-Saudi Investment Forum 2023, which took place during the official visit of Saudi Arabia’s Crown Prince Mohammed Bin Salman Abdulazziz Al-Saud to India. This marks Hygenco’s first entry into global markets as it seeks to expand its green hydrogen assets.
Amit Bansal, CEO of Hygenco, expressed the company’s intention to invest more than $300 million in the coming years to rapidly scale its green hydrogen projects. This agreement follows Hygenco’s earlier signing of the first acquisition agreement with Jindal Stainless Ltd. in India.
Hygenco Green Energies aims to have the first multi-megawatt-scale green hydrogen plant operational in Asia by the end of 2023.
This partnership with Al Jomaih Energy and Water opens up opportunities for the development of sustainable and clean energy solutions in the Middle East. Green hydrogen has gained significant attention as a potential solution to decarbonize various industries and achieve climate goals.
Green hydrogen is produced through the electrolysis process, using renewable energy sources such as wind or solar energy to separate hydrogen from water. It can be used as a clean fuel in transportation, industry and power generation, without emitting greenhouse gases.
With the signing of this MoU, Hygenco and Al Jomaih Energy and Water will collaborate in the implementation of green hydrogen projects, with the aim of contributing to the sustainable development and energy transition of the region.
