FuelCell Energy And Oando Sign MOU For Large-Scale Green Hydrogen In Africa

FuelCell Energy And Oando Sign MOU For Large-Scale Green Hydrogen In Africa - Carbon Herald

FuelCell Energy, Inc (Nasdaq: FCEL) and Oando Clean Energy Limited, the renewable energy subsidiary of Oando Energy Resources, are pleased to announce the signing of a memorandum of understanding (MOU) to collaborate on the development of a 5 to 15-megawatt (MW) power plant.

In addition to FuelCell Energy’s fuel cell and electrolyzer technology, the agreement also includes the potential for the use of FuelCell Energy’s carbon capture and sequestration technologies. Unlike other carbon capture technologies that require power to capture carbon dioxide, the company’s platforms can produce power while simultaneously capturing carbon dioxide. The signing of the MOU with FuelCell Energy is an integral part of Oando Clean Energy’s drive to strengthen electricity access in African markets via low-carbon renewable energy sources starting in its home country, Nigeria.  

Relevant: Chart Industries & FuelCell Energy Sign Decarbonization And Hydrogen Deal

Today, Nigeria relies heavily on generators to support power generation at a local and commercial level. Specifically, around 84% of urban households use backup power supply systems such as diesel/gasoline generators and/or solar-based systems, while about 86% of the companies in Nigeria own or share a generator.

These fossil fuel generators create noise, particulate pollutants and are substantial contributors to greenhouse gas emissions. Furthermore, there is a significant dearth in access to power, with 85 million Nigerians – representing approximately 43% of the country’s population – unconnected to the national grid.

The Nigerian Federal Government’s Renewable Energy Master Plan seeks to increase the share of renewable electricity from 13% of total electricity generation in 2015 to 23% in 2025 and 30% by 2030. In addition, in 2021, Nigeria passed the Climate Change Act to lower greenhouse gas emissions and implement a supporting framework to meet the country’s commitment to net zero emissions by 2060.   

Relevant: FuelCell Energy & ExxonMobil Continue Carbon Capture Technology Development

FuelCell Energy’s platforms are helping utilities and independent power producers transition to net zero while strengthening grid reliability with zero particulate matter emissions. These platforms can enhance grid resiliency by adding a reliable source of on-site power generated right where it is needed. 

“The opportunity to bring our technology to Nigeria is a critical moment for FuelCell Energy… Nigeria has an abundance of renewable energy sources that can be harnessed with the power of fuel cell technology. We are proud to have the opportunity to collaborate with OCEL to deliver stable electricity supply, better grid reliability, and security while contributing to Nigeria’s goal of net-zero emissions by 2060,” said Jason Few, CEO and president of FuelCell Energy. 

Credit: 4657743 | Pixabay

“The increased awareness and acceptance of renewable energy as a sustainable and long-term approach to the world’s power needs has led to lower prices and increased innovative and more accessible solutions, including FuelCell Energy’s solutions. Their flexible, cost-effective, and state-of-the-art scalable technology gives us confidence that we have chosen a good partner to help Nigerians access reliable low-carbon energy.

Beyond access to power, this collaboration is in tandem with OCEL’s overarching strategy of building a clean energy ecosystem whilst supporting the Federal Government’s vision of net zero emissions by 2060. We are excited, not just by signing this MOU, but the progress we continue to make in identifying and deploying solutions that show Nigeria and the continent as committed to a cleaner and more sustainable future,” said OCEL Chairman, Adewale Tinubu.

The MOU signing occurred during the ongoing roadshow being hosted by the U.S. Agency for International Development Mission in Nigeria, U.S. Government Prosper Africa, and Power Africa initiatives to expose U.S. investors to opportunities and the investment ecosystem in Nigeria.

The roadshow made up of 12 executives from leading U.S. pension funds, and financial service providers, managing over $1 trillion in assets, including Daniel Miller, Deputy Executive Director, New York City Board of Education Retirement System and Kola Aina, Senior Vice President, Strategy and Operations North America, MasterCard, were present at the MOU signing. Mark Feasel, Executive Vice President and Chief Commercial Officer of FuelCell Energy was also attending.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts
Translate »
Total
0
Share