Saudi company to develop green hydrogen in South Africa
The kingdom has shown a particularly strong interest in both South Africa and green hydrogen in general this year.
A Saudi company pledged today to help develop green hydrogen in South Africa.
ACWA Power and South Africa’s Industrial Development Corporation signed a memorandum of understanding on the “development” of green hydrogen in the country. The memo has a potential value of $10 billion, ACWA Power said in a press release.
What is it: Green hydrogen refers to hydrogen that is produced via renewable energy, such as solar or wind power. Hydrogen can be used for energy when it is separated from water using electricity.
Why it matters: South African President Cyril Ramaphosa visited Saudi Arabia this month and signed $15 billion worth of agreements with the kingdom. These included pledges to work together on hydrogen-related projects.
