Masdar, Verbund to study green H2 supply for Central Europe

Abu Dhabi's renewables major Masdar and Austrian utility Verbund AG (VIE:VER) have inked a pact to study the production of green hydrogen and its export to Central Europe.

The two companies have signed a memorandum of understanding (MoU) during the Abu Dhabi Sustainability Week, Masdar said on Wednesday.

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Under the terms, the two companies will partner on the development of green hydrogen production and export it to Austria and southern Germany.

The agreement with Verbund comes after Masdar set up its new green hydrogen business in 2022 and announced it would seek to grow it to reach one million tonnes of green hydrogen production per year by 2030.

Less than a month ago, Verbund inked another green hydrogen pact with Saudi Arabia's ACWA Power. The two companies agreed to explore 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.