Mubadala Investment Company (Mubadala) and Snam, a leading energy infrastructure operator, signed a Memorandum of Understanding (MoU) with the aim to collaborate on joint investment and development initiatives on hydrogen.
As part of the agreement, the two companies will carry out a number of assessment activities, including technical and economic feasibility studies to explore potential projects and solutions to foster and promote hydrogen development in the UAE, and elsewhere globally.
Snam was Europe’s first company to test the injection of a blend of hydrogen and natural gas in its network, and it is committed to get its infrastructure ready to transport increasing volumes of hydrogen. The company also set up a business unit fully dedicated to the scouting for new technologies as well as developing new projects by teaming up with other partners to adopt hydrogen in several industries such as railways and steel.
Last year, Mubadala joined the Investor Group of the Hydrogen Council, demonstrating the company’s growing commitment to the emerging sector.
Mubadala also recently formed the Abu Dhabi Hydrogen Alliance, alongside ADNOC and ADQ, to build a substantial hydrogen economy for the UAE, and developing a roadmap to accelerate the country’s adoption and use of hydrogen in major sectors such as utilities, mobility and industry.
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi. Mubadala’s $232-billion portfolio spans six continents with interests in multiple sectors and asset classes.
Snam runs the largest natural gas transmission network and storage capacity among European peers and is also one of the main operators in regasification. Through its international footprint Snam operates in Albania, Austria, China, France, Greece, India, Italy, UAE and UK.
As part of a €7.4-billion plan to 2024, it is investing to make its infrastructure hydrogen-ready and to develop new energy transition businesses such as sustainable mobility, biomethane and energy efficiency. Snam is committed to achieving carbon neutrality by 2040 and also aims at promoting and enabling the development of hydrogen to foster decarbonization in the energy industry globally.