Abu Dhabi-based global investor Mubadala Investment Company and Snam, one of the world’s largest energy infrastructure companies, will collaborate on joint ventures in hydrogen, one of the cleanest energy sources of the future.
The two will perform a number of evaluations, including technical and economic feasibility studies for prospective projects.
Mr. Musabbeh Al Kaabi, Chief Executive Officer of UAE Investments at Mubadala pointed out that the intention is to “foster and promote” hydrogen development in the UAE and globally. “Mubadala has long pioneered and championed a balanced energy mix through our investments in portfolio companies that are contributing to clean, affordable, and resilient energy solutions in the UAE and abroad.”
“This signing with Snam is an extension of our joint efforts to develop a hydrogen economy for the UAE, and we are committed to advancing the role hydrogen will play to meet future energy demand globally,” Mr. Musabbeh further added.
Snam was the first company in Europe to test the injection of a hydrogen-natural-gas blend into its network, and the company said that it is “committed to getting its infrastructure ready to transport increasing volumes of hydrogen.”
The company has established a business unit dedicated to scouting for new technology and designing new ventures by collaborating with other partners to implement hydrogen in a variety of industries, including railways and steel.
Snam is one of the world’s leading energy infrastructure providers, with a market capitalization that places it among Italy’s largest publicly listed firms. Snam has been a public company since 2001 and is included in the FTSE MIB index of the Italian Stock Exchange.