By Giulia Petroni 
 

Siemens Energy AG said Monday that it signed a memorandum of understanding with Abu Dhabi's state-owned Mubadala Investment Co. to accelerate the development of hydrogen from renewable sources and synthetic fuel.

The German energy company said the strategic partnership will initially focus on driving investment and development in Abu Dhabi and, over time, in other international markets.

Siemens Energy has also signed a memorandum of understanding with renewable energy company Masdar and other partners to establish a photovoltaic-powered electrolyzer facility and to develop clean-hydrogen fuels in the United Arab Emirates.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

January 18, 2021 05:59 ET (10:59 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.