US-based MMEX Resources invests US$500M in green hydrogen in Argentina.
A new investment linked to green hydrogen was announced in Argentina. This time, the US energy company, MMEX Resources Corp., signed an agreement with the province of Tierra del Fuego, and in cooperation with the German Siemens Energy, for install a wind farm and an electrolysis plant in the city of Río Grande.
- The investment: The amount of the operation will be for US$500 million.
- The potential at stake: It will seek to generate 55 tons of hydrogen per day, which is equivalent to a power of 160 MW.
Furthermore, it was confirmed that The project will require two years of development and will generate up to 1,200 jobs. MMEX Resources’ goal is that the final product, both hydrogen and ammonia, be exported to Europe and Asia, since at the moment there is no demand for hydrogen in Argentina, as reported by the provincial government.
Government optimism
Gustavo Melella, the Fuegian governor, said:
We are aware of the capacities of our Province to advance in the industrialization of natural resources, so that it is not only the site of the development of an electronic pole, but also it can be accompanied with the installation of new productive proposals, with added value and with care for the environmentas is this case.
Jack Hans, president of MMEX Resources, stated that
We are taking the work that we have already developed in Texas, combined with the Siemens Energy company, who will generate the technological development to bring it to Tierra del Fuego.
What is green hydrogen?
It is the most abundant chemical element in the universe, but it is not found in isolation in nature: it is produced by separating the substances that contain it. Its production is feasible from various sources, with different transformation processes, in which the impact in terms of greenhouse gas emissions varies.
Thanks for staying up to date with Hydrogen Central. Green hydrogen, whose production process involves the electrolysis of renewable energies, and which is free of greenhouse gas emissions, It can be used for the production of ammonia for fertilizers, methanol, in fuel refining, and in the metallurgical, steel, and textile industries.
Green hydrogen in Argentina
The Ministry of Productive Development indicated that if the forecasts are fulfilled “more conservative on the export market”, Argentina would achieve a share of between 2.5% and 5% by 2050, attracting at least US$100 million in investments to generate more than US$15,000 million in exports, “similar to those registered by the soybean complex in 2020″.
In 2021, the investment for US$8,000 million was announced for the development of green hydrogen in the province of Río Negro, which would be carried out by the Australian company Fortescue Future Industries.
US$500M investment in green hydrogen announced, April 26, 2022
