Canadian-Portuguese joint venture plans $1.04 billion hydrogen plant in Sines

A Canadian-Portuguese joint venture is planning a $1.04 billion hydrogen plant in Sines.

Canadian renewable energy company Neogreen Hydrogen and Portuguese photovoltaic solar park developer Frequent Summer announced plans on Monday to invest more than one billion euros ($1.04 billion) in a green hydrogen plant. in Portugal.

So-called green hydrogen, produced from renewable electricity such as wind and solar, is considered a key energy source that can reduce pollution from long-distance heavy transport, steel and chemical industries and the electricity production.

The plant will be built in the port city of Sines, 150 km (93 miles) south of Lisbon, and will include a 500 megawatt electrolyser “for the production of ‘green’ hydrogen and derived fuels”, the authorities said. companies in a press release. .

The agreement for the State to make 10.5 hectares available to install the plant will be formally sealed on Monday. The companies did not give a specific timeline for the investment or specify when hydrogen production would begin.

NeoGreen Hydrogen Corp. Managing Director, Chris Corson, said that “having a project in the heart of the European Union, which will be one of the main demand centers for hydrogen in the years to come, is strategic for us. as a business”.

Portugal expects to become a major producer and exporter of green hydrogen with 70 private investors or groups planning to spend 10 billion euros ($10.2 billion), the environment minister said on Thursday.

Galp Energia, Portugal’s largest EDP and oil and gas utility company, and a Portuguese-Danish-Dutch consortium each plan to build green hydrogen plants in the same Sines industrial hub.

Portugal’s three main glass producers and two biggest cement companies, which together account for 10% of the country’s industrial carbon emissions, have also joined a new consortium to launch a green hydrogen plant. ($1 = 0.9660 euros) (Reporting by Sergio Goncalves; Editing by Simon Cameron-Moore).

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Canadian-Portuguese joint venture plans $1.04 billion hydrogen plant in Sines, November 13, 2022

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