Dr Hage Geingob, President of Namibia, announced that the country was set to receive approximately US$6.3 million in concessional fees from Hyphen Hydrogen Energy. The fee would enable the country to fast track its green hydrogen development while ensuring economic growth is not only maintained, but accelerated.
In his New Year Presidential Address, President Geingob noted that in order “to turn opportunities into tangible outcomes, and to catalyse a rapid and sustainable growth trajectory, we must refocus our attention to maximise Namibia’s investment potential”.
The President emphasised the role that green hydrogen would play in driving Namibia’s economic growth.
“In 2022, we shall secure the first N$100 million in concession fees from the preferred bidder, bringing immediate relief to the fiscus and translating the vision of a synthetic fuels industry into immediate Foreign Direct Investment flows. We shall deliver Namibia’s Green Hydrogen strategy, outlining a clear pathway to unlocking even greater investments and to establishing Namibia as a regional and global decarbonisation champion,” stated President Geingob.
In November 2021, Hyphen Hydrogen Energy was selected by the Government of Namibia as the preferred bidder for a US$9.4 billion green hydrogen project in the Tsau//Khaeb National Park. The project aims to produce up to 300,000 tonnes per year of green hydrogen and green ammonia. – Energy Capital & Power