{"id":82207,"date":"2024-02-06T00:00:00","date_gmt":"2024-02-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/02\/06\/abu-dhabi-is-getting-a-renewable-energy-industrial-complex-courtesy-of-uk-based-hycap-group\/"},"modified":"2024-02-06T00:00:00","modified_gmt":"2024-02-06T00:00:00","slug":"abu-dhabi-is-getting-a-renewable-energy-industrial-complex-courtesy-of-uk-based-hycap-group","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/02\/06\/abu-dhabi-is-getting-a-renewable-energy-industrial-complex-courtesy-of-uk-based-hycap-group\/","title":{"rendered":"Abu Dhabi is getting a renewable energy industrial complex, courtesy of UK-based Hycap Group"},"content":{"rendered":"

Abu Dhabi to boost green hydrogen supply chain:<\/strong> The Abu Dhabi Department of Economic Development (ADDED) and UK-based net zero asset management company Hycap Group<\/a> will develop a green hydrogen-focused renewable energy industrial complex in Abu Dhabi, according to a statement<\/a>. The department and Hycap will also enlist the work of local partners, the statement said, without clarifying the planned location, timeline, or investment value of the project. <\/p>\n

What we know:<\/strong> Hycap Group will work with the Industrial Development Bureau (IDB)<\/a>, ADDED\u2019s arm for developing and regulating the industrial sector, to produce, store, and transport green hydrogen with a newly constructed electrolysis plant, a hydrogen storage facility, and hydrogen tankers. It will also work to create a value chain for hydrogen by setting up clean hydrogen production, electrical charging manufacturing, fuel cell manufacturing, and bus and truck manufacturing facilities, the statement added. <\/p>\n

Creating a value chain means starting with the domestic sector:<\/strong> The plan is to align supply and demand for hydrogen locally by attracting industrial companies to the industrial complex, before scaling up to export hydrogen abroad, the statement said. <\/p>\n

Hycap aims to turn Abu Dhabi into a green hydrogen hub:<\/strong> The company set up its first international office in the Abu Dhabi Global Market<\/a> back in November, and plans to launch a UAE-based GCC Fund to invest in companies with net zero strategies and green hydrogen supply chains, it said in a press release<\/a> at the time. <\/p>\n

The UAE has been making big moves in green hydrogen:<\/strong> The national hydrogen strategy<\/a>, announced in June 2023, includes a hydrogen production goal of 1.4 mn tonnes by 2031, with renewables giant Masdar contributing 1 mn tonne, according to a press release<\/a>. Masdar also inked an agreement last month<\/a> with the world\u2019s largest commercial vehicle manufacturer, Daimler Truck<\/a>, to explore supplying liquid green hydrogen to power fuel cell rig trucks in Europe by 2030. <\/p>\n","protected":false},"excerpt":{"rendered":"

The agreement will see HYCAP and ADDED partner to accelerate the green hydrogen 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