{"id":80903,"date":"2023-11-29T00:00:00","date_gmt":"2023-11-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/11\/29\/hyundai-and-beeah-will-test-uaes-first-hydrogen-truck-and-ebrd-eyes-stakes-in-egyptian-renewables-companies\/"},"modified":"2023-11-29T00:00:00","modified_gmt":"2023-11-29T00:00:00","slug":"hyundai-and-beeah-will-test-uaes-first-hydrogen-truck-and-ebrd-eyes-stakes-in-egyptian-renewables-companies","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/11\/29\/hyundai-and-beeah-will-test-uaes-first-hydrogen-truck-and-ebrd-eyes-stakes-in-egyptian-renewables-companies\/","title":{"rendered":"Hyundai and Bee\u2019ah will test UAE\u2019s first hydrogen truck and EBRD eyes stakes in Egyptian renewables companies"},"content":{"rendered":"

GREEN MOBILITY-<\/strong><\/p>\n

Hyundai <\/strong>+ Bee\u2019ah to test hydrogen trucks in UAE:<\/strong> Hyundai Motor Company and Bee'ah Group signed an MoU to promote hydrogen mobility in the UAE, according to a statement<\/a>. Hyundai Motor will provide its XCIENT Fuel Cell<\/a> electric truck to Bee\u2019ah to use as the group is exploring hydrogen fuel vehicles to decarbonize its waste management fleet operations and to advance emissions-free mobility. The two parties will cooperate in the fuel cell electric truck demonstration project to confirm the truck's feasibility in the UAE. <\/p>\n

The region's green mobility sector is booming: <\/strong>Danish transport and logistics company DSV recently said it will roll out a fully electric long-range truck fleet<\/a> in the UAE. Saudi's Naqel Express by SPL also announced the launch of its first fleet of electric transport trucks in the kingdom. Saudi Arabia\u2019s Transport General Authority rolled out the kingdom\u2019s first heavy-duty hydrogen-fuelled truck.<\/p>\n

WASTE-TO-ENERGY-<\/strong><\/p>\n

Riyadh Cement Co. taps into waste heat recovery: <\/strong>Riyadh Cement Co.<\/a> has inked a USD 34.8 mn agreement with China-based Sinoma Energy Conservation Ltd.<\/a> to set up a waste heat recovery project, according to a disclosure to Tadawul<\/a>. The agreement sees Riyadh Cement and Sinoma partner to establish a power generation plant with a production capacity of 12.64 MW. The company did not provide further details on the project timeline, but said that the project will be funded by an unnamed local bank.<\/p>\n

RENEWABLES-<\/strong><\/p>\n

EBRD wants stakes in Egypt\u2019s renewable energy sector:<\/strong> The European Bank for Reconstruction and Development (ERBD) is looking to buy stakes in a number of companies in Egypt\u2019s state privatization program, with a particular focus on companies that operate in the green energy sector, Al Arabiya<\/a> reports, citing the EBRD Executive Director of the Southern and Eastern Mediterranean region Heike Hamgart. The ERBD is waiting for the government to reveal the size of its stakes in the assets that it intends to sell as part of the privatization program, Hamgart reportedly told Al Arabiya. <\/p>\n

The EBRD is a big player in Egypt\u2019s green energy sector:<\/strong> The company said in October that it would review plans<\/a> to extend a EUR 165 mn green loan to help enhance Egypt\u2019s electricity distribution grid. The EBRD \u2014 which has financed 163 projects<\/a> and committed to EUR 1.4 bn in investments for the country to date \u2014 extended USD 50 mn<\/a> to finance the 500 MW Gulf of Suez wind farm in Ras Ghareb back in May, and is set to contribute USD 200-300 mn<\/a> to Egypt\u2019s NWFE initiative to support the phase out of 5 GW of gas-fired power plants<\/a> by 2025, and support the development of solar and wind energy projects yielding 10 GW by 2028. <\/p>\n

CARBON EMISSIONS-<\/strong><\/p>\n

Emirates NBD and Turkey\u2019s Erguvan launch a new carbon management tool:<\/strong> UAE state-owned banking group Emirates NBD and Turkish climate fintech startup Erguvan<\/a> \u2014 which nabbed a second equity investment<\/a> from the bank during its seed funding round in September \u2014 have launched the pilot of Erguvan\u2019s software as a service (SaaS) Azalt carbon management tool, according to a statement<\/a>. The proof of principle for Azalt was conducted by Turkey\u2019s Ekos Electric<\/a>, which has used the tool to identify greenhouse gas emission hotspots and devise carbon slashing campaigns. <\/p>\n

What does Azalt do?<\/strong> The tool is designed to streamline data on companies\u2019 Scope 1, 2, and 3 emissions in a bit to chart out CO2 reduction strategies. Following the successful launch of the demonstration campaign, Emirates NBD and Erguvan plan to expand usage of the tool to measure and push down the carbon footprint of UAE-based SMEs by 2024, the statement notes. Emirates NBD notes it is specifically targeting SMEs, because the small scale businesses are usually unaware of the volume of their CO2 output levels. <\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n