Mubadala Investment Company (Mubadala) and Snam have announced that they have entered into a partnership to nurture and encourage hydrogen development in the UAE.
The companies have signed a Memorandum of Understanding (MoU) for the efforts that will comprise several assessment activities, comprising technical and economic feasibility studies to explore prospective projects and solutions.
Marco Alvera, CEO at Snam, said, “This agreement shows Snam’s commitment to accelerate the energy transition and the development of green gases, more specifically, at global level by applying our skills and technologies to enhance the competitiveness of this key solution for the climate challenge.”
“At the same time, Snam is further strengthening its presence in the UAE and in the Gulf area, which we consider strategic because of their crucial role in the energy transition. We will work closely with Mubadala leveraging our mutual know-how and investment capabilities to identify projects of common interest in the UAE and contribute to the development of a hydrogen-fuelled economy.”
Musabbeh Al Kaabi, CEO of UAE Investments, Mubadala added, “As a responsible investor and an active player in the global energy transition, Mubadala has long pioneered and championed a balanced energy mix through our investments in portfolio companies that are contributing to clean, affordable and resilient energy solutions in the UAE and abroad.”
“This signing with Snam is an extension of our joint efforts to develop a hydrogen economy for the UAE, and we are committed to advancing the role hydrogen will play to meet future energy demand globally.”