Green Energy Park (GEP) has reached a significant milestone in its quest to revolutionize renewable energy production, announcing a definitive agreement for $30 million in Series-A funding. The company has also secured long-term rights to hydrogen port terminal facilities in Luis Correia, Brazil, marking a pivotal step toward its ambitious goal of constructing an 11GW hydrogen production plant, one of the largest globally.
The infusion of capital underscores the robust interest from a diverse array of strategic partners, global offtakers, and financial institutions in supporting the establishment of world-scale hydrogen production and integrated port terminal facilities in Piaui, Brazil.
Established in 2023, GEP aims to produce renewable hydrogen in highly competitive locations, initially focusing on Brazil's northeast region. With a mission to aid in decarbonizing challenging sectors of the economy, GEP will distribute its green fuels to industrial and transport offtakers.
GEP's flagship project, Green Energy Park Piaui, is poised to become the world's foremost hydrogen production plant, boasting a targeted 10.8GW of electrolyser capacity upon completion. The integrated production facilities incorporate advanced process engineering designs gleaned from the liquefied natural gas and ammonia sectors.
In a statement, GEP Chief Executive Bart Biebuyck emphasized the urgency of addressing climate change: “The world is at risk of falling behind its climate goals… To achieve net zero carbon emissions by 2050, we need to install 6000GW of electrolyser capacity around the world. This is a monumental task.”
He added, “At Green Energy Park, we are on a singular mission: To produce the lowest-cost renewable hydrogen at the gigawatts scale.”
Highlighting the strategic partnership with the State of Piaui, Biebuyck expressed pride in the collaboration's potential to drive the hydrogen revolution forward, with Piaui serving as the epicenter of this transformative endeavor.
Investe Piaui Chief Executive Victor Hugo Almeida echoed Biebuyck's sentiments, extolling Piaui's exceptional conditions for green hydrogen production. Almeida emphasized the government's unwavering commitment to leveraging the state's natural resources for the betterment of its citizens and the global climate.
“The government will fully support the undertaking and is well prepared to help this global flagship project to succeed,” Almeida affirmed, underlining Piaui's determination to foster a green industrialization drive and attract international investment to Brazil.
