FRANKFURT: Hamburg is planning to generate green hydrogen, which is produced from renewable power, at a plant it will develop with energy firms Shell, Mitsubishi and Vattenfall, the city state said.
Hamburg’s municipal heating company has signed a letter of intent with the three companies to develop a 100 megawatt (MW) facility to extract hydrogen from water through electrolysis, it said.
Hydrogen produced at the so-called Green Energy Hub would be derived from wind and solar power, the statement said. Hydrogen produced using fossil fuels is not carbon free.
The technology is part of Germany’s plan to decarbonize its economy by 2050.
The planned Hamburg plant is one of a number of similarly sized projects currently awaiting final investment decisions which will be needed to bring hydrogen output in Europe’s biggest economy closer to commercially viable levels.
“This is a bold venture that now needs to be filled with life,” said Jens Kerstan, head of the supervisory boards at public sector Waerme Hamburg and Gasnetz Hamburg.
The partners plan to apply for funding from European Union programs under Important Projects of Common European Interest (IPCEI), they said. Subject to a final investment decision, production could start in 2025.
The plant would be located at Moorburg, a Hamburg suburb where Vattenfall is idling its conventional coal-to-power generation plant to avoid heavy carbon pollution from coal burning.
Moorburg is connected to high and low voltage grids. If additional hydrogen imports are needed, ships can call at the site directly via the Elbe river, with discharging services offered at the city’s port.
The municipal gas grid’s hydrogen pipeline could also be expanded within 10 years.
The region also includes many potential consumers of green energy, the partners said.
Major industrial businesses in the area whose processes are currently highly carbon intensive include aluminum producer Trimet, steelmaker ArcelorMittal , and copper smelter Aurubis.
Mitsubishi, Vattenfall, Shell join key project
https://arab.news/j7pm2
Mitsubishi, Vattenfall, Shell join key project
- The technology is part of Germany’s plan to decarbonize its economy by 2050
Closing Bell: Saudi Arabia’s main index closes in red at 10,364
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower on Sunday, shedding 185.05 points, or 1.75 percent, to end the session at 10,364.03.
Total trading turnover on the benchmark index stood at SR2.55 billion ($680 million), with 20 stocks advancing and 237 declining.
The Kingdom’s parallel market Nomu also retreated, falling 0.63 percent, or 147.19 points, to close at 23,371.82.
The MSCI Tadawul Index slipped 1.71 percent to 1,369.56.
Saudi Industrial Export Co. was the top gainer on the main market, with its share price jumping 9.87 percent to SR2.56.
Shares of Naqi Water Co. rose 2.53 percent to SR58.80, while Shatirah House Restaurant Co. advanced 2.18 percent to SR9.39.
On the downside, Gulf Union Alahlia Cooperative Insurance Co. posted the steepest decline, with its share price falling 4.61 percent to SR10.14.
On the announcements front, Scientific & Medical Equipment House Co. said it had been awarded a contract valued at SR260.98 million by the Ministry of Human Resources and Social Development to supply uncooked food materials and catering items to beneficiaries at the ministry’s residential branches across the Kingdom.
The project scope also includes providing cooked meals to selected anti-begging offices over a 24-month period, according to a Tadawul statement. The company added that the financial impact of the contract will begin in the fourth quarter of this year.
It said further developments would be disclosed in due course after all relevant parties sign the final contract and a copy is received.
Shares of Scientific & Medical Equipment House Co. edged up 0.31 percent to SR32.44.
Separately, Dr. Soliman Abdel Kader Fakeeh Hospital Co. and its subsidiaries signed an agreement with Oloof Development Co., a wholly owned subsidiary of Jazan Municipality, to lease a strategic land plot in Jazan City for SR217.99 million.
According to a Tadawul statement, the land, which spans 34,581 sq. meters, will be used to develop an integrated healthcare facility under a 50-year lease.
The company said the financial impact of the agreement is expected to begin once the medical facility is completed and becomes operational.
Shares of Dr. Soliman Abdel Kader Fakeeh Hospital Co. fell 1.92 percent to SR33.74.
