The Suez Canal Economic Zone (SCZone) has signed a memorandum of Understanding (MoU) with Germany’s energy storage firm H2 Industries to build the first waste-to-hydrogen plant worldwide, the Cabinet’s Information and Decision Support Center (IDSC) said.

The $4-billion investment is expected to produce 300,000 tons of green hydrogen per annum, the IDSC revealed in a statement on Sunday.

The plant, to be built in east Port Said, will receive up to 4 million tons of waste every year, the center pointed out, noting that waste loads will be kept at the Mediterranean entrance of the Suez Canal.

The MoU was signed by the chairman of the SCZone Yahia Zaki and executive chairman and CEO of German energy storage firm H2 Industries Michael Stusch on the sidelines of the 6th edition of the “Egypt Can with Industry” conference, held in the New Administrative Capital in late May.

The deal will be finalized during the 27th session of the Conference of the Parties (COP27) to the UNFCCC, which will take place in Egypt’s Red Sea resort of Sharm El-Sheikh in November.

Source: State Information Service Egypt