The agreement was signed at Abu Dhabi Sustainability Week 2023. Credit: Masdar.

UAE-based clean energy company Masdar has signed a memorandum of understanding with Austrian electricity utility VERBUND for the production of green hydrogen.

The two companies will focus on creating new ways to produce green hydrogen and export it to Central Europe, particularly Austria and Southern Germany.

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Masdar Green Hydrogen executive director Mohammad Abdelqader El Ramahi and Verbund CEO Michael Strugl signed the agreement at the recent Abu Dhabi Sustainability Week conference.

Masdar CEO Mohamed Jameel Ramahi said: “Masdar has long pioneered green hydrogen as an energy source for the future and today, we believe that future is upon us.

“We are committed to developing our green hydrogen business as we see it playing a significant role in the global energy transition.

“We look forward to partnering with like-minded companies like VERBUND to accelerate investment in this sector and to meet growing demand in Europe.” 

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Masdar established its green hydrogen business last year and has set a target to produce one million tonnes of green hydrogen a year by 2030.

Based in Vienna, VERBUND is one of Austria’s primary energy utility companies and one of the largest producers of hydropower in Europe.

The company generates most of its energy by using hydropower, which is complemented by wind and solar assets.

It is also active in energy transmission and international trading.

Strugl said: “Green hydrogen is the game-changer for a sustainable energy system, taking us a step closer to carbon neutrality.

“As a leading renewable energy company, VERBUND is working on the development and expansion of local hydrogen production as well as long-term import solutions.

“We are very pleased about the cooperation we signed today with Masdar. Only with global partnerships like this one will we be able to achieve the goal of a successful sustainable energy transition.”