The ‘joint venture’ Neogreen Portugal will invest more than one billion euros to establish a factory for the production of ‘green’ hydrogen and derived fuels in the municipality of Sines (Setúbal), it was announced this Friday.
According to aicep Global Parques, an investment of more than one billion euros is the result of a commercial collaboration between Neogreen Hydrogen Corp (Canada) and the Portuguese company Frequent Summer SA to install an electrolysis complex of more than 500 MW. [megawatts]”.
A ‘green’ hydrogen and derived fuel production unit will be set up on a 10.5 hectare site in the Zines Industrial and Logistics Zone (ZILS) and the surface rights reservation agreement was signed on Monday, in Lisbon, in the presence of the Secretary. The State for Internationalization, Bernardo Ivo Cruz.
For the official quoted in the report, the project will include a national strategy for hydrogen in the constitution of the “Science Hydrogen Valley” and realize the government’s commitment to develop the Portuguese economy based on dual energy and digital transformation.
Sains currently integrates, establishes or attracts investments in logistics, industry and energy and telecommunications from very diverse geographies including Portugal, Spain, France, Italy, Germany, Switzerland, Holland, Denmark, Poland, Sweden, United Kingdom, Thailand, Ireland, Thailand. , Singapore, Malaysia, China, Australia, Brazil, USA and of course Canada,” he said.
In turn, NeoGreen Hydrogen Corp. Chris Courson, CEO of the company, which “has a portfolio of green hydrogen projects around the world,” said it was “particularly excited” about the alliance.
“At the heart of the European Union is a project [União Europeia]It will be one of the main centers of hydrogen demand in the coming years, which is strategic for us as a company and we look forward to developing this opportunity together with our partners over the summer,” the same statement was quoted as saying.
Rogerio Ponte, a member of the Board of Directors of Frequent Summer, a company that has been developing photovoltaic parks for more than 20 years in several countries, explained that the project is “a continuation of the commitment to the future of innovation and renewable energies”. “And highlights” the sustainability that this massive H2V project represents for the Sines region and for Portugal.
In turn, Filipe Costa, managing director of Aicep Global Parques, the managing company of ZILS, said, “The future investment of one billion euros by Neogreen in the port, logistics and industrial complex of Sines is part of a ‘pipeline’ of projects. It is an investment of about 20 billion euros in the horizon of 2030. “.
According to the official, “2,500 million euros are planned for maritime and land logistics, 12,500 million euros in decarbonized and circular industrial projects and 5,000 million euros in telecommunications, submarine cable mooring stations and data centers”.