The Macquarie Group Ltd (ASX: MQG) share price is in focus because its Green Investment Group (GIG) is going to work with Nobian to form an industrial green hydrogen player called Hydrogen Chemistry Company, or HyCC for short.
GIG is the green finance institution of Macquarie that is involved in things like development, finance, investment and advice for clients and partners.
Hydrogen Chemistry Company (HyCC)
The goal of HyCC is to provide safe, reliable, and affordable green hydrogen solutions to help decarbonise industrial sectors such as aviation, steel, chemicals and refineries.
This business will specialise in producing green hydrogen from renewable power at an industrial scale.
GIG and Nobian will each get a 50% share in HyCC and the deal is expected to close in March 2022, subject to regulatory approvals.
The Green Investment Group outlined that when combining Nobian’s experience in large-scale electrolysis and GIG’s resources and project development experience, HyCC will be able to accelerate investments and the development of more large-scale projects.
GIG said in a statement that HyCC will have a pipeline of more than 400 MW of electrolysis projects.
One of the planned projects is a 60 MW facility in the north of the Netherlands to supply green hydrogen for renewable methanol and aviation fuels
Next, is a 100 MW project near Amsterdam to enable sustainable steel production, and a 250 MW project in Rotterdam to replace fossil-based hydrogen.
The deal will allow HyCC to grow this pipeline and expand further into the European market.
GIG and Macquarie expect that there will be a rapid acceleration in the energy transition, so the chance to invest alongside Nobian is “exciting” and will help industries to become more sustainable.
Leadership commentary
Michael Koenig, the CEO of Nobian said:
We have a strong technical and commercial team and a healthy pipeline of large green hydrogen projects. The backing of these two leading companies allows us to further scale-up our portfolio to become a leader in the safe and reliable supply of green hydrogen and make a critical contribution to the EU’s target of realizing 40 GW of hydrogen electrolysers by 2030.
The managing director of HyCC, Marcel Galjee, said:
GIG has already announced hydrogen partnerships in a number of different geographies with a focus on supporting the industrial transition and the move to cleaner fuels. Nobian already operates multiple large-scales electrolysis facilities in the Netherlands and Germany for the production of chlor-alkali, using a technology similar to that of water electrolysis.
Macquarie share price snapshot
The Macquarie share price has risen 46% in 2021 to over $200.
The post Macquarie (ASX:MQG) share price on watch with GIG green hydrogen strategy appeared first on The Motley Fool Australia.
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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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