HDF Energy has entered into a partnership with PetroVietnam Technical Services Corporation (PTSC) to jointly develop, finance and build hydrogen power plants in Vietnam.
The duo already signed a Memorandum of Understanding for the same.
The two sides have also agreed to explore the potential of producing green hydrogen in Vietnam that could cater both the local market and the Asia Pacific region.
HDF Energy is the pioneer of high-power hydrogen power plants that develops, finances, builds, and operates two power plant models.
Similarly, PTSC is a subsidiary of Vietnam Oil & Gas Group which provides technical services for offshore oil and gas, industrial plants and renewable energy in Vietnam.
Based on the agreement, both parties will develop, finance and implement HDF's multi-megawatt hydrogen power plant projects.
It has been informed that they will jointly explore the potential of producing green hydrogen in Vietnam and in other markets including South Korea, Japan and Singapore. The duo will examine offshore wind projects through which green hydrogen can be produced.
Geze, HDF's Director for Asia, was quoted in a statement, “We are glad to collaborate with PTSC and explore synergies with the PetroVietnam group to develop green hydrogen projects in Vietnam. HDF Energy has started addressing the Asian market in 2021 and this MoU signing with PTSC will accelerate our developments in the region.”
Meanwhile, Le Manh Cuong, PTSC President & CEO, commented, “Entering into this MOU is an important milestone for PTSC's strategic business plan which includes investment in and development of renewable energy projects.”
Vietnam has already stated that hydrogen can play a huge role in the country to reach net zero emissions by 2050.