Masdar and Hy24 Forge Green Hydrogen Alliance

In a groundbreaking move during the UN’s Climate Change Conference, COP28, renewable energy giant Masdar and clean hydrogen investor Hy24 have inked a strategic joint development and investment framework agreement. This collaboration aims to spearhead large-scale green hydrogen projects, strategically positioned across Europe, the Americas, Asia Pacific, and the Middle East and North Africa. 

Under the legal guidance of Masdar’s General Counsel Jonathan Evans (pictured left) and Hy24’s General Counsel Nicolas Brahy (pictured right), this transformative agreement positions Masdar as a potential investor and co-developer alongside Hy24’s Clean Hydrogen Infrastructure Fund. By exploring opportunities along the Power-to-X value chain, the companies are set to venture into the production of green hydrogen and its derivatives, such as green ammonia, e-methanol, sustainable aviation fuel, and liquid hydrogen. 

As part of the deal, Masdar gains access to a substantial pipeline of up to €2 billion in co-investment and co-development opportunities, aligning with its ambitious target of achieving 1 million tons of green hydrogen production by 2030. This collaboration supports Hy24’s mission as a catalyst for the hydrogen economy and leverages Masdar’s extensive experience with 20GW of renewable energy projects worldwide. 

Masdar’s CEO, Mohamed Jameel Al Ramahi, expressed the critical need for global stakeholders to unite and deliver on the clean energy transition. He sees the collaboration with Hy24 as an opportunity to maximize green hydrogen’s potential for a cleaner, greener future. 

Pierre-Etienne Franc, Co-founder and CEO of Hy24, emphasized the agreement’s role in unlocking investments for some of the world’s most strategic green hydrogen projects. He lauded Masdar for paving the way in allocating capital to climate action, highlighting the shared potential for France and the UAE to collaborate on large-scale decarbonization projects. 

This strategic partnership signals a major step towards accelerating the global adoption of renewable energy, with green hydrogen at the forefront. As COP28 underscores the urgency of collective action, Masdar and Hy24’s collaboration stands as a testament to their commitment to driving impactful change in the energy transition landscape.