The Abu Dhabi Department of Economic Development (ADDED) and net-zero asset management company HYCAP Group have formalized a Memorandum of Understanding (MoU) to propel the production, storage, and transport of green hydrogen. In line with the UAE Net Zero Strategy 2050 and National Hydrogen Strategy, this collaboration is geared towards establishing an industrial complex in Abu Dhabi exclusively dedicated to hydrogen-related industries and the advancement of renewable energy.
This strategic partnership aligns with the UAE's ambitious goal of becoming one of the top 10 producers of green hydrogen by 2031, contributing to a sustainable industrial sector and solidifying Abu Dhabi's standing as a competitive hub in the region.
The envisioned complex will encompass facilities for clean hydrogen production, storage, transport, electrolyser manufacturing, electrical charging manufacturing, fuel cell manufacturing, and the development of bus and truck manufacturing facilities.
Jo Bamford, Chairman and Founding Partner of HYCAP Group, commended the UAE's leadership in transitioning to clean, renewable energy and expressed the firm's commitment to seizing opportunities in the region's emergence as a green hydrogen hub. The agreement signifies the joint dedication of both entities to global efforts for sustainable energy practices.
The collaboration is expected to play a pivotal role in realizing the objectives outlined in the Abu Dhabi Industrial Strategy (ADIS), facilitating growth and transformation in the industrial sector in alignment with Industry 4.0 principles. The Industrial Development Bureau (IDB), ADDED's entity for industrial sector development, will closely collaborate with HYCAP to bring the initiatives outlined in the MoU to fruition.
By fostering a robust ecosystem, the collaborative efforts aim to support the hydrogen industry and clean energy infrastructure while attracting global industrial companies to the envisioned industrial complex in Abu Dhabi. This strategic alliance underscores Abu Dhabi's commitment to sustainable development, industry innovation, and the pursuit of a resilient, low-carbon future.
