April 26, 2024 [Innovation News Network ]- Green Energy Park has announced it has signed an agreement for $30m funding to develop an industry-leading renewable hydrogen production plant in Piaui, Brazil.

The company secured Series-A funding to build one of the largest hydrogen and hydrogen derivatives production plants globally and obtained long-term rights to the hydrogen port terminal facilities in Luis Correia, Brazil.

The sizeable funding injection highlights Green Energy Park’s commitment to driving clean energy sources and showcases significant interest among strategic partners, global off-takers, and financial institutions in the Brazilian renewable hydrogen production plant.

Bart Biebuyck, CEO of Green Energy Park, explained: “The world is at risk of falling behind its climate goals. The urgency to act is now. Despite the many efforts and programmes to arrest climate change, emissions from fossil fuels, including coal, oil, and gas, have reached a new record in 2023.

“To achieve Net Zero carbon emissions by 2050, they need to install 6,000 gigawatts of electrolyser capacity around the world. This is a monumental task.

“The good news is that it can be done. It is not too late to act. But they must act now! Therefore, at Green Energy Park, they are on a singular mission: To produce the lowest-cost renewable hydrogen at the gigawatts scale.

“To achieve their ambitious goal, they combine cutting-edge hydrogen production technologies with innovative process engineering solutions at one of the most advantageous sites for renewable hydrogen production in the world, in the State of Piaui, Brazil.

“In short, Piaui is set to become their ground zero of the hydrogen revolution. Therefore, they are incredibly proud of their strong partnership with the State of Piaui on this critical mission.”

Developing the Piaui renewable hydrogen production plant

Founded in 2023, Green Energy Park’s ethos is to facilitate renewable hydrogen production in the most cost-competitive locations, initially focusing on North-East Brazil.

Green Energy Park Piaui represents the company’s first renewable hydrogen plant, and will boast an estimated 10.8 GW of electrolyser capacity once operational.

The state-of-the-art production facilities for hydrogen and its derivatives at Green Energy Park will showcase cutting-edge process engineering designs drawn from the liquefied natural gas and ammonia industries.

Leveraging extensive expertise in cryogenic gas handling and storage alongside specialised construction capabilities, Green Energy Park ensures seamless integration and implementation of these advanced technologies.

Moreover, to establish cost leadership in renewable hydrogen, Green Energy Park procures top-tier renewable electricity, powering electrolyser technologies deployed on purpose-built and standardised production infrastructure.

Victor Hugo Almeida, CEO of Investe Piaui, said: “The State of Piaui offers some of the best conditions in the world for producing green hydrogen. The State Government and the Governor, Rafael Fonteles, are fully committed to unlocking the great potential of their unique natural resource endowment to the benefit of their citizens, the climate, and, indeed, the world.

“Green Energy Park provides their State with a tremendous opportunity for a bright future. The world-scale hydrogen project will create thousands of high-quality jobs in their State and will accelerate the green industrialisation of their economy.

“They want to attract international businesses to build a world-scale hydrogen cluster by creating a favourable investment environment with strong support from the State of Piaui. Therefore, we are implementing an innovative approach to green industrialisation in their country for others to follow in Brazil and beyond.

“They are incredibly proud that Green Energy Park has chosen Piaui to implement the most advanced hydrogen production facility in the world. The government will fully support the undertaking and is well prepared to help this global flagship project to succeed.”

Offtake strategy

Green Energy Park aims to distribute its eco-friendly hydrogen fuel to industry and transportation partners, and it is dedicated to decarbonising challenging sectors of the economy.

By collaborating closely with partners worldwide, the company pioneers a unique strategy to develop, construct, and manage a vertically integrated hydrogen supply chain.

Through partnerships with diverse energy consumers, Green Energy Park offers cost-effective solutions to meet their decarbonisation goals.

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data