The KGAL-managed PtX Development Fund, which invests in green hydrogen projects, has awarded a €30m grant to HydroJeel for its Moroccan hydrogen project.
HydroJeel’s Jorf Hydrogen Platform in coastal Morocco will use the funding to produce 100,000 tonnes of green ammonia annually by the end of 2026, reducing CO2 emissions by approximately 300,000 tonnes.
As reported in late 2023, KGAL was hired by the German government-owned development bank KfW Bankengruppe to manage PtX Development Fund, a vehicle expected to invest billions of euros to promote the development of green hydrogen projects in developing and emerging economies.
The fund, financed by the German Federal Ministry for Economic Cooperation and Development, provides financial support for public organisations and private companies to develop the green hydrogen value chain, KGAL said at the time.
Thomas Engelmann, MD of the PtX Development Fund and head of energy transition at KGAL, said: “The Jorf Hydrogen Platform project impresses with a solid concept from an innovative project developer.
“HydroJeel will use state-of-the-art methods and all the risks – from development to offtake – have been considerably minimised.”
Florian Ziegler, KfW’s principal portfolio manager, said: “The HydroJeel team prioritized the social and environmental impact of Jorf Hydrogen Platform and this convinced us that it was the right project to support.“
Amine Houssaim, CEO of HydroJeel and its parent Innovx, said: “This grant is a recognition of HydroJeel’s expertise in green hydrogen solutions and a significant step forward in our journey.
“The Jorf Hydrogen Platform project reflects our commitment to driving sustainable energy practices while positioning Morocco as a regional leader in green hydrogen solutions, powering industries and playing an active role in the energy transition.”
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