Globeleq has signed a Memorandum of Understanding (MoU) with the New and Renewable Energy Authority (NREA), the General Authority for Suez Canal Economic Zone (SCZONE), the Sovereign Fund of Egypt for Investment and Development (TSFE), and the Egyptian Electricity Transmission Company (EETC) to jointly develop a 3.6 GW green hydrogen project located within the Suez Canal Economic Zone, Egypt.

The company will be responsible for developing, financing, building, owning and operating a total of 3.6 GW of electrolyzers and approximately 9 GW of solar PV and wind energy generation. The project will be constructed in three phases, the first phase will consist of a pilot project utilizing a 100 MW electrolyser that will first focus on green ammonia fertilizers, while considering alternative end-uses of green hydrogen, such as green fuels, in the medium and long term.

Globeleq seeks to enter into long-term off-take agreements with Egyptian and foreign companies while supporting their decarbonization efforts.