UAE-based renewable energy company Masdar has signed an agreement with the Korea Agency for Infrastructure Technology Advancement (KAIA), a South Korean government initiative, to explore the development of clean technology solutions, from hydrogen to electric vehicles (EV)
The contract was signed during a virtual ceremony by Mohamed Jameel Al-Ramahi, CEO, Masdar and Seung-ki Park, president, KAIA.
Masdar and KAIA will work together to support and establish research and development (R&D) strategies for areas of potential collaboration under the MoU. These include the production, storage, transportation and utilisation of hydrogen, smart city solutions, building energy management systems (BEMS), and EVs.
?The United Arab Emirates and the Republic of Korea have a shared objective to advance the development of the hydrogen economy. Masdar is committed to cementing the UAE?s leadership position in green hydrogen, and to spearheading the drive to a net-zero future. We look forward to working closely with the KAIA on initiatives to drive green hydrogen development, and to support the economic diversification of both our nations,? said Al-Ramahi following the signing.
Masdar is already working with a range of parties on green hydrogen development. In December, Masdar announced the formation of a strategic alliance with France?s ENGIE to co-develop a UAE-based green hydrogen hub. Masdar also announced last year, a collaboration with Abu Dhabi National Oil Company (Adnoc) and BP to explore the development of green hydrogen hubs in the UAE and the UK.
The Republic of Korea is targeting producing 27.9 million tonnes of clean hydrogen by 2050, which would make it the country?s main energy source. KAIA specialises in land, infrastructure and transportation R&D, and assesses and certifies new technologies.
The last contract that SEC awarded for a major gas-fired IPP was for the 1.5GW Fadhili IPP in 2016. The project was jointly tendered by SEC and state oil company Saudi Aramco, with SEC the offtaker for electricity and Aramco the offtaker for steam and water produced by the cogeneration project.