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Abu Dhabi and UK’s net zero asset management firm HYCAP Group are set to establish a hydrogen-based industrial complex in the UAE capital.
The Abu Dhabi Department of Economic Development (ADDED) confirmed on Monday that it has signed a memorandum of understanding (MoU) with HYCAP Middle East to assess establishing the industrial hub.
The complex is envisioned to attract businesses and bolster value chains within the targeted sector.
It will specialise in industries related to hydrogen and advancement of renewable energy sources, as well as feature an electrolysis plant, which is a hydrogen storage facility, and provide hydrogen tankers for transportation, according to a statement.
The facility is part of a plan to develop the production, storage and transport of green hydrogen, thereby supporting the UAE’s Net Zero 2050 initiative.
HYCAP’s role
Under the project, HYCAP will set up hydrogen production facilities, clean hydrogen storage and transport, an electrolyser manufacturing facility, electrical charging manufacturing, fuel cell manufacturing, as well as develop bus and truck manufacturing facilities.
“The strategy is to align supply and demand for hydrogen locally, scaling up to create a viable proposition for export sales growth,” the statement said.
The National Hydrogen Strategy seeks to establish the UAE as one of the leading green hydrogen producers by 2031.
The UAE is looking at producing 1.4 million tonnes of green hydrogen every year and setting up hydrogen hubs.
HYCAP Group set up its regional headquarters in the Abu Dhabi Global Market (ADGM) in November 2023.
(Writing by Cleofe Maceda; editing by Seban Scaria)
