Scatec Secures €30m Grant for Egyptian Green Hydrogen Project
Key Ideas
- Scatec receives a €30m grant to help finance its €500m green hydrogen project in Egypt.
- PtX Development Fund, backed by the German Federal Ministry, provides the first grant for the project.
- Scatec plans to operate renewable projects globally and is working on a 50-100MW hydrogen facility in Ain Sokhna, Egypt.
- Plug Power has been selected to provide a 100MW PEM electrolyser for the green hydrogen facility, aiming to produce green ammonia.
Norwegian firm Scatec has secured a €30m grant from the PtX Development Fund to support its €500m green hydrogen project in Egypt. The fund, established by the German Federal Ministry for Economic Cooperation and Development and KfW and managed by KGAL, approved the first grant for this initiative. Scatec, known for developing renewable energy projects globally, is currently focused on a 50-100MW hydrogen plant in Ain Sokhna, Egypt. The project aims to leverage electrolyser technology from Plug Power to convert produced hydrogen into green ammonia. Scatec's CEO, Terje Pilskog, expressed confidence in the project's maturity and broad support it has received. This grant signifies a step forward in advancing green hydrogen projects, as seen with KGAL's recent investment in a 1GW project in Germany. The collaboration between Scatec, PtX Development Fund, and Plug Power highlights a positive outlook towards green hydrogen development and the transition towards sustainable energy solutions.