LBS Bina Group Plans 10GW Green Hydrogen Plant in Sabah
Key Ideas
- LBS Bina Group is collaborating with Safoda, Invest Sabah Bhd, and Midwest Green Sdn Bhd to explore the development of a 10GW green hydrogen plant in Kota Marudu, Sabah.
- The project aims to produce over 250,000 tonnes of green hydrogen annually, powered by solar and wind energy, along with the creation of a green industrial park.
- The development is seen as a significant opportunity to leverage Kota Marudu's renewable energy potential, driving economic growth and providing job opportunities for local communities in Sabah.
- Shares of LBS Bina rose following the announcement, reflecting investor confidence in the company's sustainability initiatives and renewable energy projects.
LBS Bina Group Bhd has announced plans to develop a 10-gigawatt (GW) green hydrogen plant in Kota Marudu, Sabah, in collaboration with the Sabah Forestry Development Authority (Safoda), Invest Sabah Bhd, and Midwest Green Sdn Bhd. The project, aiming to be a landmark initiative, will be powered by solar and wind energy and is expected to produce 250,000 tonnes of green hydrogen annually. LBS Bina will serve as the master developer for the facility, which will be part of a larger green industrial park spanning 15,000 to 30,000 acres. The development of the hydrogen plant and other renewable energy projects is set to drive economic growth in Sabah, offering long-term job opportunities to the local population. The agreement includes conducting land surveys, site inspections, and establishing a consortium structure for the project. The positive sentiment surrounding the project is evident from the increase in LBS Bina's stock value post-announcement, demonstrating investor confidence in the company's sustainable energy ventures.