The IEC has signed an agreement for the production of hydrogen with an energy group that unites energy companies from the United Arab Emirates and Europe, with the cooperation focusing on the practical development of hydrogen fuel cells.
The IEC has signed an agreement for the production of hydrogen with an energy group that unites energy companies from the United Arab Emirates and Europe, where the cooperation will focus on the practical development of energy solutions for the production of hydrogen for hydrogen fuel cells – clean energy that does not emit greenhouse gases.
Consortium Energygroup operates as an investment fund and focuses on renewable energy and is linked to investment funds, wealth funds (the largest investment funds in Dubai), so this agreement may be part of their investment in Israeli companies worth $ 10 billion. However, the consortium’s economic investment in this project was not specified and no data was provided on its economic aspect.
The UAE is interested in clean energy and directs many investments in this field, in order to be a major global player. As part of this, a project was signed in which IEC teams will discuss various options for collaborating with the consortium. The goal is to establish an array that will include energy production, transportation and storage.
In the initial phase, the hydrogen will probably not be generated by the IEC and it will be satisfied with participating in the development of international projects. However, it is expected that within a decade power plants in Israel will consume hydrogen,
As part of this, the IEC is collaborating with the Technion to carry out experiments aimed at generating electricity from hydrogen cheaply, because the technology does exist (for example, it is used in refineries in Haifa), but it is still considered expensive and inefficient mainly because hydrogen production requires a high level of energy. The IEC’s agreement with the consortium is intended, among other things, to focus on the improvement of this technology.
The IEC is not alone and additional projects for the production of hydrogen fuel cells are being set up in the area. For example, in Saudi Arabia, a solar field is currently being set up, the main purpose of which is to produce hydrogen, mainly green and blue hydrogen (hydrogen produced by electrolysis) and not gray hydrogen (hydrogen that releases carbon dioxide into the air during its production).