Investment of 1,000 million euros in Portugal
Sines will have a factory for the production of ‘green’ hydrogen and derivatives, as a result of the investment by the ‘joint venture’ NeoGreen Portugal, which could create 2,500 direct and indirect jobs.
The investment will be in the order of millions of euros, helping to embody the National Hydrogen Strategy in the creation of a Sines Hydrogen Valley.
Green Hydrogen production plant will create 2500 jobs
A 'joint-venture' made up of NeoGreen Hydrogen Corp (Canada) and the Portuguese company Frequent Summer plans to invest more than 1,000 million euros in the installation of an electrolyser complex of more than 500 MW (MegaWatts).
Given the scale of this investment, "whether direct or passive, including all subcontractors in the development of the project, we are talking about 2,500 jobs", Rory Harding, vice president for corporate development, told journalists at the contract signing event. reservation of surface rights of 10.5 hectares in the ZILS – Sines Industrial and Logistics Zone.
Regarding the 2,500 jobs appointed by the 'joint venture', the executive president of AICEP Global Parques, the managing entity of ZILS, stressed that the "promoter indicated an estimate based on the experience it has in other locations".
The decarbonization of the planet is one of the goals set by countries around the world by 2050. The decarbonization of an element like hydrogen - currently responsible for more than 2% of total CO2 emissions in the world - is a goal.
Green hydrogen emerges as one of the most efficient solutions to face the challenges related to the decarbonization of sectors where the transition may be more complex. Green hydrogen is produced through the electrolysis of water. To this end, electricity is used from renewable energy sources such as hydropower, wind and solar energy. Green hydrogen is low in CO2.