SVEVIND Group Invests $50 Billion in Kazakhstan Hydrogen

Industry news
21 June 2023
источник: EL.kz
SVEVIND Energy Group, a company based in Germany and Sweden, has made an extraordinary commitment to invest an astounding $50 billion in the development of environmentally friendly hydrogen production in Kazakhstan. The groundbreaking announcement was made by the head of state during the recent Kazakh-German business forum, capturing significant attention and highlighting the magnitude of this deal.

President Kassym-Jomart Tokayev expressed his unwavering confidence in the growing global importance of green hydrogen and emphasized that this investment stands as the largest of its kind thus far. He underscored the multifaceted advantages of green hydrogen, particularly its potential in metal production, which holds great significance for the country.

President Tokayev stated, "We anticipate a substantial increase in global demand for green hydrogen." He further revealed, "We have successfully secured a $50 billion agreement with SVEVIND Group to facilitate the production of green hydrogen. Presently, this project ranks among the largest of its kind worldwide."

Nevertheless, the president acknowledged that Kazakhstan's potential in the hydrogen sector extends far beyond this singular project. The production of hydrogen could unlock the path towards eco-friendly manufacturing of steel, aluminum, and other metals, thereby bolstering the nation's industrial capabilities while adhering to stringent environmental standards.

President Tokayev asserted his belief that by leveraging Germany's advanced technological solutions and harnessing Kazakhstan's abundant resources, the country can set ambitious goals and achieve extraordinary outcomes.

This announcement follows reported discussions between the leaders of Kazakhstan and Germany, highlighting the increasing international cooperation in the pursuit of clean energy solutions. It also underscores the surging global demand for green hydrogen, a pivotal component in the drive towards carbon-neutral energy systems. With SVEVIND's technical expertise and the vast resources of Kazakhstan, the country is poised to become a significant player in the global green hydrogen market. This ambitious venture not only promises to advance Kazakhstan's green energy sector but also presents a unique opportunity to revolutionize the country's metal industry by harnessing the power of hydrogen for cleaner metal production.