GEP Secures Rights to Brazilian Hydrogen Port Terminal
Green Energy Park (GEP) has successfully secured $30 million in Series-A funding and obtained long-term rights to a hydrogen port terminal in Brazil, facilitating green ammonia exports to Europe.
The company intends to construct a 10.8 gigawatt green hydrogen plant in Piaui, Brazil, with the aim of exporting the energy carrier to Croatia for distribution across southeast Europe.
This funding round highlights significant interest from various partners, global offtakers, and financial institutions, reinforcing GEP’s plans to supply green hydrogen-based fuels to industrial and transport markets.
With previous investment totaling €2 billion from the EU’s Global Gateway initiative, the project aims to integrate hydrogen and derivatives production using top-tier renewable electricity resources.
Mixing tech solutions with engineering processes will secure hydrogen economy
Bart Biebuyck, CEO of GEP, said Piaui was set to become the company’s “ground zero of the hydrogen revolution,” praising the affirmed partnership with the Brazilian state.
“To achieve our ambitious goal, we combine cutting-edge hydrogen production technologies with innovative process engineering solutions, at one of the most advantageous sites for renewable hydrogen production in the world, in the State of Piaui,” he said.
Victor Hugo Almeida, CEO of Investe Piaui, said the state offers “some of the best conditions in the world for producing green hydrogen,” adding the GEP project provides Piaui with a “tremendous opportunity.”
Job creation should shape public perception
“The world-scale hydrogen project will create thousands of high-quality jobs in our state and will accelerate a green industrialisation of our economy,” he said. “We want to attract international businesses to build a world-scale hydrogen cluster by creating a favourable investment environment with strong support by the State of Piaui.”
Brazil is also looking to further incentivise the production of green hydrogen. On November 28, 2023, Brazil’s Lower House – Câmara dos Deputados – passed a Bill to regulate hydrogen production, establishing a voluntary certification scheme and crucially, tax incentives.
