German Development Fund Grants €30M for Green Hydrogen Project in Morocco
Key Ideas
- The PtX Development Fund, backed by the German Federal Ministry and KfW, approved a €30 million grant for Hydrojeel's Jorf Hydrogen Platform in Morocco.
- Hydrojeel, a green-hydrogen business under INNOVX, was selected after a review of 98 expressions of interest from seven countries.
- The PtX Platform aims to promote hydrogen projects in the global South and has a total endowment of €270 million.
- This grant is part of efforts to support industrial-scale projects along the green hydrogen value chain.
The PtX Development Fund, a vehicle established by the German Federal Ministry and KfW, has announced its second grant approval and concluded its first call for expressions of interest. This fund, with an endowment of €270 million, aims to provide non-reimbursable grants to industrial-scale projects involved in the green hydrogen value chain. The recent approval saw €30 million allocated to Hydrojeel, a green-hydrogen company affiliated with INNOVX, for their Jorf Hydrogen Platform in Morocco. The fund manager, KGAL Investment Management, selected Hydrojeel after evaluating 98 proposals from seven different countries. The initial call for expressions of interest resulted in a total of €60 million in grants. The PtX Development Fund is part of KfW's PtX Platform, which focuses on advancing hydrogen projects in regions across the global South. This grant signifies a step forward in promoting renewable energy initiatives and supporting the development of green hydrogen infrastructure.