Switzerland’s Smartenergy eyes Egypt for a green hydrogen investment opportunity worth USD 1 billion. The expansion would be the firm’s first outside Europe. The company is at the later stages of negotiations with the Egyptian government to build a green hydrogen plant, a source confirmed to Asharq Al-Aswsat. According to Smartenergy’s Chief Financial Officer René Cotting, the agreement between both parties will soon be ratified. However, he did not provide any additional information on the matter. Sources mentioned that the agreement was initially scheduled to be signed some time ago, but delays occurred due to certain procedures concerning new land licenses and issuance dates. A source from the Egyptian government later confirmed that the agreement is set to be signed in the fourth quarter of 2023. Founded in 2011 and based in Wollerau, Switzerland, Smartenergy specializes in investments in renewable energy and other related ventures. The company invests in solar, wind, and green hydrogen energy projects in several European countries, including Switzerland, Germany, Italy, Spain, and Portugal. So, What is Green Hydrogen? The demand for hydrogen as a fuel source has tripled since 1975, reaching 95 million tons per year…
Egypt Considers a Potential USD 1 Billion Green Hydrogen Plant Deal
August 1, 2023
