Starting with South Korea / Asia: The Chairman of the New Hydrogen Hub Ltd and core partner is Tong Soo Chung, Honorary Ambassador of Foreign Investment Promotion of S. Korea and the former head of “Invest Korea” who has also brought along key institutions and anchor companies from S. Korea.
New hydrogen technologies to support European Union’s REPowerEU Plan: energy supply diversification, energy savings, clean energy transition acceleration, investment and reform.
The New Hydrogen Hub: production, storage/transport, other enabling infrastructure. At the center, an academia hub for promoting collaboration and dissemination of hydrogen technologies.
One of EU’s smallest countries, thus easier to implement a country wide “hub” / pilot project. Cyprus has very high cost of conventional fuels (petrol, diesel) while also Europe’s best solar irradiation. starting with the territory under the more direct control of the Republic of Cyprus, but ready to use it as a catalyst of cooperation across the island. Aside the main hub area, we will also have a few satellite locations around the island where smaller units will produce green hydrogen and where we will have hydrogen refueling stations. The core aim of New Hydrogen Hub is to make Cyprus, given its small size relative to other EU countries, a testbed for having a functional solution to advancing a hydrogen economy in Europe. As such, the reference to the New Hydrogen Hub or Hub, entails not only the central location but the satellite ones too as all these components need to work together to make hydrogen a component of the energy mix in Cyprus, and in extension to be copied in other EU countries afterwards.
The initial project’s total cost agreed by the New Hydrogen Hub Ltd shareholders is €300 million (for which we had it oversubscribed with commitments of €400 million) with the final size dependent on the European Union and Cyprus Government flexibility / support to work with us.
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