ACWA Power, Verbund to partner on green hydrogen projects

Saudi Arabia's ACWA Power (TADAWUL:2082) and Austrian utility Verbund AG (VIE:VER) have agreed to study the development of green hydrogen projects in the Middle East with the aim of producing and supplying the clean fuel to Austria and Central Europe.

The two companies signed a memorandum of understanding (MoU) during the Abu Dhabi Sustainability Week (ADSW) 2023, ACWA Power said on Wednesday.

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The partnership will build on ACWA Power's green hydrogen knowledge and Verbund's hydropower expertise. ACWA Power is one of the companies behind the Neom project in the northwest of the Kingdom which will produce up to 600 tonnes of green hydrogen per day, starting in 2026.

Verbund is also involved in a hydrogen project at home. Together with local specialty chemicals company Borealis AG, the Vienna-based utility will build a 60-MW electrolysis plant powered with green electricity. The hydrogen will be used for the production of fertilisers, melamine and technical nitrogen at the Borealis site in Linz.