Australia’s Fortescue Future Industries (FFI) has inked a pact with authorities in Egypt to study options for the production of green hydrogen in the Arab Republic.
The Memorandum of Understanding (MoU) was signed last week with Egypt’s New and Renewable Energy Authority (NREA), The General Authority for Suez Canal Economic Zone (SCZONE), Egyptian Electricity Transmission Company (EETC) and The Sovereign Fund of Egypt for Investment and Development (TSFE).
The MoU will enable FFI to conduct studies and, depending on their outcome, will start developing large-scale green hydrogen production projects. The Aussie firm pointed out to Egypt’s vast hydropower, wind and solar resources available for generating electricity required for the production of green hydrogen and ammonia, adding that the potential output could be used both for export and for the domestic market.
“Egypt has the potential to become a global powerhouse in the green energy value chain,” said FFI’s CEO Julie Shuttleworth.
Last month, FFI sealed a framework agreement with the government of Djibouti to study the production of green hydrogen in the African country. The company is the green energy business of Australian iron ore company Fortescue Metals Group Ltd (ASX:FMG).
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