It has been announced that Scatec is due to receive a 30m euro grant, which is intended for its planned Egyptian green hydrogen project. At the moment this project is worth 500m euros.

This money was provided by the Norwegian firm and the financing was agreed upon with the PtX Development Fund. The German Federal Ministry for Economic Cooperation and Development and KfW created the PtX Development Fund and it is now managed by KGAL. Altogether, this represents the first grant that has been approved by the fund.

Now that the grant has been awarded, Scatec has laid out their plan to develop, build and finally, operate renewable energy products through all four continents. Throughout this project, the company will have 4.7GW in operation and under construction.

This new development occurs some time after Scatec and Fertiglobe revealed in 2021 that they have plans to develop a 50-100MW hydrogen facility, which was due to be based in Egypt, specifically, Ain Sokhna. Both companies aimed to have this facility operational by 2024.

Also, in November of 2021, Scatec chose Plug Power to be their provider of an electrolyser, which would be put to use within the green hydrogen facility.

Moreover, being provided with a 100MW PEM electrolyser, would mean that Scatec would be able to convert any produced hydrogen into green ammonia.

Scatec CEO, Terje Pilskog, stated, “This achievement is a testament to the maturity of the project and reaffirms the broad support we have for this project.”