Chinese renewables company Envision Energy has announced plans to invest $1bn in a green hydrogen industrial park in Spain.
The investment will be made “together with other business partners”, according to the government of Spain.
The Shanghai company, which is the world’s second largest maker of wind turbines, will develop the park in conjunction with the Spanish government, as well as Spanish and European business leaders.
The park will host companies that research, design and make equipment such as electrolysers, air separation units and modules for scalable ammonia production.
Electrolysers are used to produce green hydrogen, which can then be conveniently stored as ammonia before being used to power vehicles and generate electricity.
The park is expected to break ground in 2026, although it does not have a location as yet. It is eventually expected to deliver 5GW of electrolysis capacity, nearly half of Spain’s target of constructing 11GW by 2030, Envision said. This could create 1,000 jobs, it added.
Spanish President Pedro Sánchez signed a memorandum of understanding during a visit to Envision’s Shanghai base on Tuesday.
At the signing ceremony, Zhang Lei, founder and chairman of Envision, commented: “With its ideal resources, market scale and expertise, Spain is well-placed to be the European leader in green hydrogen. Envision is excited to play a role in securing Spain’s green energy future.”
Sanchez responded: “Today, with your new commitment to invest a billion dollars in partnership with the industry, to build an electrolyser factory in Spain – you are not just contributing to our economy. You are helping us to build the future, to build a better future.”
The meeting follows an earlier one, held in February at the Moncloa Palace in Madrid, in which Zhang announced that Envision would construct an EV battery gigafactory in Navalmoral de la Mata, Extremadura.
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