The MoU was signed by the chairman of the SCZONE Yahia Zaki and executive chairman and CEO of German energy storage firm H2 Industries Michael Stusch on the sidelines of the sixth edition of the Egypt Can conference, which is being held under the title ‘Egypt Can With Industry’ in the New Administrative Capital, under the auspices of President Abdel-Fattah El-Sisi.

The signing ceremony was attended by the Emigration Minister Nabila Makram and Minister of Military Production Mohamed Ahmed Morsi.

Under the agreement, the waste-to-hydrogen plant will be built in the East Port Said area, with a production capacity of 300,000 tons of green hydrogen annually, disposing of 4 million tons of Municipal Solid Waste (MSW) per year.

Following the signing ceremony, Zaki underlined efforts exerted by the authority to lure investments to the economic zone.

For his part, the CEO of H2 Industries said this project has the double benefit of creating valuable clean hydrogen, while addressing the important issue of waste management by using organic waste, including plastic waste.

"This is just the first of three international projects where governments around the globe realise that organic waste, and especially plastic waste, if treated correctly, can be a valuable asset and used to generate significant amounts of clean energy with our project in East Port Said."

H2 Industries will conduct feasibility studies ahead of the final contracts for the project, planned for COP27 in the Red Sea resort of Sharm El-Sheikh in November.