The parties intend to target the Spanish market and eventually global markets
White Summit Capital joins forces with Marubeni for developing 1GW of industrial scale green hydrogen projects. (Credit: Pete Linforth from Pixabay)
White Summit Capital has signed a memorandum of Understanding (MoU) with Japan-based Marubeni for developing more than 1GW of industrial scale green hydrogen projects, mainly in Spain over the next decade.
The parties plan to target the Spanish market and eventually global markets with their green hydrogen producing projects.
White Summit Capital, which is a Switzerland-based infrastructure investor, stated: “White Summit Capital will count on the support of Marubeni as an international industrial trading and investment house to accelerate the development of its projects and the commercialisation of its green energy products.
“Marubeni has a vast experience in project development including demonstration initiatives of green fuel production, transportation and end-use economics.”
Recently, the Swiss firm had launched HyFive, a vertically integrated pure-play green hydrogen company.
According to White Summit Capital, the sites selected for the hydrogen production projects will leverage the huge and reliable renewable energy resources in Iberia.
The company said that the locations were chosen based on their unique strategic advantages, which include export logistics like port, rail, and road, scalability, as well as low production cost.
Its previously announced BenortH2 green hydrogen project located in the Basque Country will be the first of such projects. BenortH2 is anticipated to begin production as early as 2023.
HyFive is expected to have a presence across the entire value chain, covering hydrogen production, transportation, storage, and marketing of green hydrogen and related green energy products.
The Spain-based company will offer end-to-end carbon neutral solutions to industrial customers who are planning to transition to green energy fuels.
In a separate development, Shell Gas & Power Developments has signed an MoU with Uniper Hydrogen to drive the development of a hydrogen economy in Europe.
The parties will work on finding joint opportunities to combine industrial and mobility demand with supply, production, and storage of hydrogen.
The Shell and Uniper subsidiaries will start their partnership by evaluating the scope to develop potential synergies to fast track existing projects in Germany, the Netherlands, and possibly other European countries.