“Joint venture” NeoGreen Portugal will invest more than one billion euros in the installation of a plant for the production of “green” hydrogen and derived fuels in the municipality of Sines (Setubal), as announced this Friday.
According to aicep Global Parques, the investment of more than one billion euros is the result of a business collaboration between NeoGreen Hydrogen Corp (Canada) and the Portuguese company Frequent Summer SA to install “an electrolysis complex with a capacity of more than 500 MW”. [megawatts]”.
The plant for the production of “green” hydrogen and derivative fuels will be installed on a 10.5-hectare site in the Industrial and Logistics Zone of Sines (ZILS), and on Monday in Lisbon in the presence of the Secretary of State for Internationalization, Bernardo Ivo Cruz.
According to the official quoted in the statement, the project “embodies the National Hydrogen Strategy in the constitution of the Hydrogen Valley of Sines, realizing the government’s commitment to developing the Portuguese economy through a dual energy and digital transition.”
“Sines currently consolidates, establishes or attracts investments in logistics, industry and energy and telecommunications from a wide variety of geographical regions: Portugal, Spain, France, Italy, Germany, Switzerland, Holland, Denmark, Poland, Sweden, UK, Ireland, Thailand. , Singapore, Malaysia, China, Australia, Brazil, the US and, of course, Canada,” he said.
In turn, the executive chairman of NeoGreen Hydrogen Corp. Chris Corson said the company, which has a “portfolio of green hydrogen projects around the world,” is “particularly excited” about the alliance.
“Having a project in the heart of the EU [União Europeia]which will become one of the main centers of demand for hydrogen in the coming years, is strategic for us as a company, and we look forward to using this opportunity together with our partners at Frequent Summer,” emphasized the official quoted in the same statement.
Member of the Board of Directors of Frequent Summer, a company that has been developing photovoltaic parks in several countries for over 20 years, Rogerio Ponte, explained that this project “is a continuation of the commitment to innovation and the future of renewable energy.” “and highlighted “the sustainability that this huge H2V project represents for the Sines region and for Portugal.”
In turn, Filipe Costa, CEO of aicep Global Parques, the managing organization of ZILS, said that “NeoGreen’s proposed investment of one billion euros in the port, logistics and industrial complex of Sines is part of a “pipeline” of projects. which in total will amount to about 20 billion euros of investment over the horizon of 2030.”
According to the official, “€2,500 million is planned for maritime and land logistics, €12,500 million for decarbonized and cyclical industrial projects, and €5,000 million for telecommunications, submarine cable berths and data centers.”