Mubadala and Snam sign MoU to explore potential opportunities to foster hydrogen development in the UAE
Abu Dhabi, United Arab Emirates, 22 March 2021: Mubadala Investment Company (Mubadala) and Snam, one of the world's leading energy infrastructure operators, have signed today a Memorandum of Understanding (MoU), with the aim to collaborate on joint investment and development initiatives on hydrogen.
As part of the agreement, the two companies will carry out a number of assessment activities, including technical and economic feasibility studies to explore potential projects and solutions to foster and promote hydrogen development in the UAE, and elsewhere globally.
The MoU was signed by Musabbeh Al Kaabi, Chief Executive Officer of UAE Investments at Mubadala Investment Company (Mubadala), and Marco Alverà, Chief Executive Officer at Snam.
Commenting on the importance of the MoU, Musabbeh Al Kaabi, CEO of UAE Investments, Mubadala said, "As a responsible investor and an active player in the global energy transition, Mubadala has long pioneered and championed a balanced energy mix through our investments in portfolio companies that are contributing to clean, affordable and resilient energy solutions in the UAE and abroad. This signing with Snam is an extension of our joint efforts to develop a hydrogen economy for the UAE, and we are committed to advancing the role hydrogen will play to meet future energy demand globally."
Marco Alverà, Chief Executive Officer at Snam said: "This agreement shows Snam's commitment to accelerate the energy transition and the development of green gases, more specifically, at global level by applying our skills and technologies to enhance the competitiveness of this key solution for the climate challenge. At the same time, Snam is further strengthening its presence in the UAE and in the Gulf area, which we consider strategic because of their crucial role in the energy transition. We will work closely with Mubadala leveraging our mutual know-how and investment capabilities in order to identify projects of common interest in the UAE and contribute to the development of a hydrogen-fuelled economy".
The MoU reinforces the confidence of both Mubadala and Snam in the commercial and technological potential of the hydrogen industry, as well as its capacity to accelerate the energy transition.
Snam was Europe's first company to test the injection of a blend of hydrogen and natural gas in its network, and it is committed to get its infrastructure ready to transport increasing volumes of hydrogen. The company also set up a business unit fully dedicated to the scouting for new technologies as well as developing new projects by teaming up with other partners to adopt hydrogen in several industries such as railways and steel.
Last year, Mubadala joined the Investor Group of the Hydrogen Council, demonstrating the company's growing commitment to the emerging sector.
Mubadala also recently formed the Abu Dhabi Hydrogen Alliance, alongside ADNOC and ADQ, to build a substantial hydrogen economy for the UAE, and developing a roadmap to accelerate the country's adoption and use of hydrogen in major sectors such as utilities, mobility and industry.
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi. Mubadala’s $232 billion (AED 853 billion) portfolio spans six continents with interests in multiple sectors and asset classes. We leverage our deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates. Headquartered in Abu Dhabi, Mubadala has offices in London, Rio de Janeiro, Moscow, New York, San Francisco and Beijing.
For more information about Mubadala Investment Company, please visit: www.mubadala.com
Snam is one of the world's leading energy infrastructure operators. The company runs the largest natural gas transmission network and storage capacity among European peers and is also one of the main operators in regasification. Through its international footprint Snam operates in Albania, Austria, China, France, Greece, India, Italy, UAE and UK. As part of a 7.4 billion euros plan to 2024, it is investing to make its infrastructure hydrogen-ready and develop new energy transition businesses such as sustainable mobility, biomethane and energy efficiency. Snam is committed to achieving carbon neutrality by 2040 and also aims at promoting and enabling the development of hydrogen to foster decarbonisation in the energy industry globally. The Group's business model is based on sustainable growth, transparency, the promotion of talent and diversity and the social development of local areas and communities through the initiatives of Fondazione Snam.
26 April 2021 - 18:48 CEST