Smartenergy intends to expand in Egypt by producing green hydrogen in a project of initial value worth one billion dollars, said well-informed sources.
The company is specialized in renewable energy.
Smartenergy didn’t make an official statement regarding the project, but well-informed sources told Asharq Al-Awsat that the company has reached an advanced level in the negotiations with the Egyptian government to establish a $1 billion hydrogen production factory.
Chief Financial Officer Dr. René Cotting confirmed that the signing of an agreement with the Egyptian government to produce hydrogen in Egypt is imminent.
He didn’t give further details.
The agreement was supposed to be signed a while ago, remarked the sources, but some procedures related to new lands’ licenses and the issuance dates caused delays.
Founded in 2011 and located in Switzerland, Smartenergy focuses on investments in renewable energy and related ventures. It has projects in Germany, Italy, Spain, and Portugal.
Egypt has recently signed agreements and MoUs with foreign firms to establish industrial compounds to produce green hydrogen inside the Sokhna Industrial Zone.
The government has stepped up efforts to advance the projects of green hydrogen production in Egypt, amid a global energy crisis.
