New Hydrogen Hub’s 3 main aims are: Production of Green Hydrogen (from renewable energy, starting mainly with solar in the case of Cyprus). Storage and transport of hydrogen Enabling infrastructure for the hydrogen to be utilized. We source the electricity for production of green hydrogen from Renewable Energy Sources (RES), starting with solar power, including from strategic partners with whom we are cooperating to further expand solar energy capacity.
The focus of the New Hydrogen Hub in Cyprus is on new hydrogen technologies to support the European Union’s REPowerEU Plan on its four primary areas of action: energy supply diversification, energy savings, clean energy transition acceleration, investment and reform. The New Hydrogen Hub project/solution main tangible components are production, storage/transport, other enabling infrastructure. Even more importantly, to advance REPowerEU, it is the academia hub for promoting collaboration and dissemination of hydrogen technologies.
Cyprus is a relatively small, by EU standards, country and given its high cost of electricity and other needs, what we are doing with the hydrogen projects is to showcase the whole island as a “hub”, 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.
The initially selected core projects focus on ‘value for money’ solutions, to have an economical model for competitive pricing of hydrogen. But, in effect, the Hub is creating the dynamic for a model for other EU countries on how hydrogen can be an enabler of new energy solutions.
Effectively, we see the whole of Cyprus as EU’s hydrogen hub; we know this is a tall task that we have put for ourselves, but this is not a competition with other initiatives in other EU countries. On the contrary, we will work closely and help other EU (and beyond) initiatives in hydrogen. The main task for us is to contribute to clean energy independence for Cyprus, Europe and the world.
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 flexibility of both European Union and Cyprus Government flexibility / support to work with us.
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