EU, Kazakhstan Sign $50 Billion Green Hydrogen Supply Deal

The European Union and Kazakhstan signed an investment deal for Hyrasia One, a subsidiary of the European cleantech Svevind Energy Group, to build one of the world’s largest industrial plants for green hydrogen in Kazakhstan’s Mangystau region. The investment agreement was signed by Svevind CEO Kropp and Kazakh First Deputy Prime Minister Sklyar during European Council President Michel’s visit to the Central Asian nation and in the presence of Kazakh President Tokayev.

The agreement aims to build wind energy and photovoltaic plants with a capacity of 40 GW in Southwest Kazakhstan. The renewable energy of about 120 TWh per year generated by these plants will supply an industrial park of electrolyzers on the coast of the Caspian Sea, which will have a total capacity of 20 GW and produce up to two million tonnes of green hydrogen per year.

The production is expected to account for one fifth of the expected EU import demand for green hydrogen in 2030. Hyrasia One could therefore become a key player for the hydrogen markets currently emerging in Europe, as well as in Kazakhstan itself and in Asian countries.

European Commission President von der Leyen and Tokayev discussed an strategic partnership between the EU and Kazakhstan for sustainable raw materials, batteries and green hydrogen. The new production and distribution plant to be built by Hyrasia will play a key role in Kazakhstan’s supply of green hydrogen to the EU.

Hydrogen production in the Mangystau region is scheduled to start as early as 2030 and reach full capacity by around 2032. The final investment decision for the project, worth around 40 to 50 billion US dollars, will be made in 2026.

“With HYRASIA ONE, we are providing energy and feedstock security on a unique industrial scale. The investment agreement signed today takes the project into the next, decisive phase. We consider ourselves fortunate to have found a reliable partner in the government of the Republic of Kazakhstan, which supports our plans and has recognized the enormous economic potential of producing large quantities of green hydrogen”, said Kropp.

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Do you need to access special insights on this matter?

Start your 7-day free trial  and become a member today

Subscribe to Top Insights Today

Subscribe to Executive Newsletter Top Insights Today

The Executive Newsletter -Top Insights Today- puts global business events in perspective through special insights

Join the ranks of global executives and subscribe to Top Insights Today

Top Insights Today covers insights on energy, clean-tech, oil&gas, mining, rare earths, defense, aviation, infrastructure, manufacturing, electrical vehicles, big-tech, finance and politics of business

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

China Disappointed with Failure of Chipmakers As Anti-Graft Probes Resume

China’s top leaders have grown increasingly restless with the failure of domestic chipmakers to develop semiconductors that can replace U.S. technology, on top of a series of anti-graft probes into top industry officials and the $9 billion rescue of Tsinghua Unigroup. Senior officials’ anger stems from the industry failing to produce any breakthrough despite tens of billions of dollars have been poured into it over the past decade. Washington, which has steadily increased restraints on China, has been able to strong-arm Beijing and successfully contain its technological ambitions.

U.S. to Loan $700 Million to ioneer for the Development of Nevada Lithium Mine

The U.S. Energy Department said on Friday it will lend Australian lithium producer ioneer Ltd up to $700 million to develop its Rhyolite Ridge lithium mine in Nevada, as part of Biden’s plans to develop a domestic supply chain for electric vehicles (EVs). The loan will be the first by Washington to a U.S. lithium mining project. Lithium is a key ingredient to manufacture batteries for EVs. The loan shows rising government concerns over the demand for the battery metal could outstrip supply without more investment, which would hamper efforts to tackle climate change. 

EU Prepares New Sanctions Against Russia

The European Commission is preparing new sanctions on Russia with the magnitude depending on Moscow’s insistence on gas payments in roubles. Last week Putin said Russia will demand “unfriendly” countries to pay their Russian gas imports in roubles. The request was rejected by Western states. The new wave of EU sanctions could be ready as early as next week. 

Stay informed

error: This content is protected !!