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Investing.com -- TotalEnergies (EPA:TTEF) SE and Air Liquide (OTC:AIQUY) SA are planning a joint venture with an estimated value of €600 million ($628 million) to produce green hydrogen.
The hydrogen will be used for TotalEnergies' refinery in the Netherlands and a supply deal for its petrochemical plant in Belgium.
The companies intend to construct a 250-megawatt electrolyzer, which will be powered by wind energy, near the Zeeland refinery, according to a statement released by Total on Tuesday.
In a separate agreement, Total will also buy green hydrogen for its Antwerp facility from a 200-megawatt electrolyzer that Air Liquide is planning to construct near Rotterdam.
Total's ongoing efforts to lower emissions at its refineries with low-carbon hydrogen place it in contrast to its more cautious peers. This includes recent deals with both Air Liquide and Air Products (NYSE:APD) & Chemicals Inc.
Vincent Stoquart, President of Refining & Chemicals at TotalEnergies, said in the statement, “The partnership with Air Liquide takes on a new dimension and marks a new step in TotalEnergies’ ambition to decarbonize the hydrogen consumed by its refineries in Europe by 2030.”
The joint project near the Zeeland refinery is expected to be commissioned in 2029. The project that will supply the Antwerp plant is anticipated to start operating by the end of 2027, according to Total. However, a final investment decision has not yet been made.
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