Snam and Linde sign agreement to jointly develop clean hydrogen projects
San Donato Milanese (MI), 7 December 2020 – Snam, one of the world's leading energy infrastructure companies, announced today that it has signed a memorandum of understanding (MoU) with Linde (NYSE: LIN; FWB: LIN), a leading global industrial gases and engineering company, to jointly develop clean hydrogen projects and related infrastructure in Europe.
Linde and Snam will work together to promote key technologies along the hydrogen value chain and develop opportunities for joint investments in commercial projects in the areas of production, distribution, compression and storage.
"H ydrogen is expected to play a significant role in achieving the European Green Deal targets ," said Steve Angel, Chief Executive Officer, Linde. "We are very pleased to collaborate with Snam, a recognized leader at the forefront of the energy transition, in the development of the clean hydrogen economy in Europe."
"With this agreement, we combine the know-how and innovative capabilities of both Linde and Snam in order to contribute to scaling-up hydrogen and reaching climate goals, aligned with the European Hydrogen Strategy," said Marco Alverà, Chief Executive Officer, Snam. "The collaboration with one of the world’s leading companies in the sector strengthens our role as operator along the hydrogen value chain and lays the foundation for new joint projects."
Linde is a global leader in the production, processing, storage and distribution of hydrogen. It has the largest liquid hydrogen capacity and distribution system in the world.
Snam is actively promoting the adoption of hydrogen and has been amongst the first companies in the world to experiment with a blend of up to 10% of hydrogen into its gas transmission network in Italy. Approximately 50% of the investments included in Snam's 2020-2024 plan is dedicated to a "hydrogen-ready" infrastructure. The company has signed several partnerships both in Italy and internationally to contribute to the development of hydrogen's value chain, also by fostering its uses in both industry and transports.
Both Snam and Linde are shareholders of ITM Power, a British company operating in the green hydrogen landscape.
The implementation of the projects will be regulated through separate agreements negotiated between the parties in compliance with the regulatory framework.
07 December 2020 - 10:32 CET