ABU DHABI,17th January 2021 (WAM) - Mubadala Investment Company (Mubadala) and Siemens Energy, one of the world’s leading energy technology companies, have signed a Memorandum of Understanding (MoU) with the intention of creating a strategic partnership to drive investment and development of advanced technology, manufacture of equipment, and green hydrogen and synthetic fuel production.

The initial focus of activity will be in Abu Dhabi and it is intended this will be expanded to international markets over time.

Mubadala and Siemens Energy have a long-standing relationship based on the strong links between the governments of the UAE and Germany.

Together with Masdar and other energy players in the Mubadala Group, the companies will work closely towards the following goals: utilizing renewable energy to produce green hydrogen and synthetic fuels, providing clean and transportable energy to fuel new hydrogen-based ecosystems that are supplied from the UAE; establish an Abu Dhabi-headquartered world-class player in the synthetic fuels sector; jointly advance technology and drive down the costs of green hydrogen and synthetic fuels production and enable Mubadala and Siemens Energy to access emerging hydrogen markets and create value for both parties The MoU was signed by Musabbeh Al Kaabi, Chief Executive Officer of UAE Investments at Mubadala Investment Company, and Christian Bruch, CEO of Siemens Energy.

The signing was witnessed by Sharif Salim Al Olama, Undersecretary of the UAE Ministry of Energy and Infrastructure, Thomas Bareiß, Parliamentary State Secretary at the German Federal Ministry for Economic Affairs and Energy, and Peter Fischer, German Ambassador to the UAE, highlighting the commitment of both governments to strong co-operation in the energy sector, reflected in the German-Emirati Energy Partnership.

Mohamed Jameel Al Ramahi, CEO, Masdar, Mubadala’s global renewable energy subsidiary, was also present at the signing, underscoring the important role the companies will have in executing initiatives under the agreement.

Commenting on the importance of the MoU, Musabbeh Al Kaabi said, 'Mubadala is strongly committed to the development of the UAE’s hydrogen economy, and we are pleased to be extending our relationship with Siemens Energy in this important emerging energy sector.'

'Through this strategic partnership, we expect to be able to leverage Abu Dhabi’s strong foundations for the production and sale of green hydrogen, prove a strong business case and attract investment for the development of new facilities, and establish Abu Dhabi as a reliable supplier of green hydrogen to global markets.'

'This strategic partnership highlights the UAE’s visionary commitment towards developing a sustainable, green hydrogen economy,' said Dietmar Siersdorfer, Managing Director Siemens Energy Middle East.

'Siemens Energy has pioneered this space, generating green hydrogen from renewable energy using proton exchange membrane electrolysis. We look forward to advancing and leveraging the many applications of green hydrogen, in partnership with Mubadala and the other key stakeholders throughout the hydrogen value chain, for the benefit of the UAE and the world.'

This agreement is testament to the strategic Abu Dhabi Hydrogen Alliance formed between Mubadala, ADNOC and ADQ. The first initiative under this agreement and the broader Abu Dhabi Hydrogen Alliance will be the consideration of a demonstrator plant located at Masdar City, to be developed under a specific agreement involving Siemens Energy and Masdar, and a number of other key players in the technology, distribution, and end-use portions of the green hydrogen value chain.

Earlier this year, Mubadala Investment Company joined the Investor Group of the Hydrogen Council, reinforcing the company’s commitment to the emerging sector. The MoU is further proof of Mubadala’s confidence in the commercial and technological potential of the industry, as well as its capacity to accelerate the energy transition.

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