Mubadala Investment Company and Siemens Energy signed a Memorandum of Understanding (MoU) with the intention of creating a strategic partnership to drive investment and development of advanced technology, manufacture of equipment, and green hydrogen and synthetic fuel production.
The initial focus of activity will be in Abu Dhabi; it is intended this will be expanded to international markets over time.
Together with Masdar and other energy players in the Mubadala Group, the companies will work closely towards the following goals:
Utilizing renewable energy to produce green hydrogen and synthetic fuels, providing clean and transportable energy to fuel new hydrogen-based ecosystems that are supplied from the UAE;
Establish an Abu Dhabi-headquartered world-class player in the synthetic fuels sector; and
Jointly advance technology and drive down the costs of green hydrogen and synthetic fuels production and enable Mubadala and Siemens Energy to access emerging hydrogen markets and create value for both parties.
Earlier this year, Mubadala Investment Company joined the Investor Group of the Hydrogen Council, reinforcing the company’s commitment to the emerging sector.
Mubadala, a sovereign investor, is a $232-billion business that spans six continents with interests across multiple sectors and asset classes. Headquartered in Abu Dhabi, Mubadala also has offices in London, Rio de Janeiro, Moscow, New York, San Francisco and Beijing.