Fortescue Future Industries has signed a Memorandum of Understanding with the New and Renewable Energy Authority, the Suez Canal Economic Zone, the general authority of the Egyptian Electricity Transmission Company and the Egyptian Sovereign Fund for the development of renewable energy and green hydrogen production in Egypt.
The company has Egypt's abundant hydropower, wind and solar resources that can generate the renewable energy needed to generate large-scale green electricity.
According to the data, Egypt will complete US$10 billion worth of hydrogen projects by the end of this year.
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