Swiss firm dedicates $1bln for green hydrogen production in Egypt

Smartenergy, the Swiss firm, is set to expand in green hydrogen production in Egypt in a project with an initial value of one billion dollars.

Smartenergy is specialised in renewable energy but did not make an official statement about the project.

According to informed sources the company reached an advanced level in negotiations with the Egyptian government to establish a $1 billion factory for hydrogen production.

Dr. René Cotting, the Chief Financial Officer, said that the company is anticipating the signing of an agreement with the Egyptian government to produce hydrogen in the country.

The agreement was due for signing a while ago, however, procedures related to new lands’ licenses and the issuance dates delayed the agreement.

Smartenergy was founded in 2011 and is located in Switzerland. The company focuses on investments in renewable energy and related sectors, with projects in Germany, Italy, Spain, and Portugal.