Hygreen Energy, a global electrolyzer manufacturer, plans to invest $2.2 billion developing green hydrogen capacity in Spain's Andalusia region, the country's regional government announced.
The declaration came as the Chinese company signed a strategic agreement with Spanish energy utility Coxabengoa to collaborate on hydrogen technology, electrolyzer production and marketing across Europe by leveraging Coxabengoa's market position.
As per the agreement, the companies plan to marry Coxabengoa's capabilities in production and integration of components with Hygreen's expertise in electrolyzer solutions to offer the European market a competitive pathway to electrolyzer and green hydrogen adoption.
The agreement, signed at the Hygreen Energy office in Beijing in the presence of Spanish delegation from Andalusia, outlines initiatives to jointly expand hydrogen generation in Europe, mainly through supply of hydrogen production systems from Andalusia. The two companies will also develop an "industrial platform" or collaborative R&D environment where both companies can advance hydrogen technologies.
Hygreen Energy is a global electrolyzer OEM, designing and manufacturing hydrogen production systems across multiple electrolysis technologies including alkaline, PEM and AEM. As of 2024, the company has more than 300 completed projects across five continents and a manufacturing capacity of 2 GW.
Enrique Riquelme, Executive President of Coxabengoa, highlighted the alliance's importance: "This agreement, which enables innovative technologies and global market synergies, is a good example of the leadership that Andalusia holds in the green hydrogen sector and how it drives international avant-garde projects of enormous scope, such as the one we have signed today."
Javier Romero, Board Director at Hygreen Energy, emphasized the long-term value that this partnership will generate for Hygreen Energy, Coxabengoa, Andalusia, and across Europe "by leveraging both companies' strengths to advance electrolyzer technology, expedite market adoption, and capture the rapid growth of green hydrogen."