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Net zero asset manager HYCAP Group expands to UAE

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Images | November 29, 2023 7:20:00 AM IST
Abu Dhabi [UAE], November 29 (ANI/WAM): HYCAP Group, the UK-based net zero asset management company with clean hydrogen at its core, has opened an office in Abu Dhabi Global Market (ADGM) to support its strategic expansion to the region.

At a private event during Abu Dhabi Finance Week, HYCAP Group also revealed plans for a UAE-based GCC Fund that will invest in companies serving the net zero energy transition and clean hydrogen supply chain.

Recognising the essential role that green hydrogen, sourced from renewable energy - can play in attaining net zero goals, HYCAP Group is committed to accelerating the adoption of carbon-free fuel in high-emitting sectors.

The UAE's National Hydrogen Strategy aims to make it a top 10 producer of green hydrogen by 2031 with an output target of 1.4 million tonnes per year. Similarly, Saudi Arabia's National Hydrogen Strategy is targeting over US$36 billion in investments by 2030 and includes the construction of the world's largest green hydrogen plant in NEOM.

Arvind Ramamurthy, Chief Market Development Officer, ADGM, said, "HYCAP Group's entry into the Abu Dhabi Global Market underscores the capital's position as a leading centre for climate finance. As we navigate this era of transformation, sustainable development remains at the heart of Abu Dhabi's economic strategy. Our commitment to integrating clean energy solutions, particularly through the expansion of our low-carbon and green hydrogen capabilities, is unwavering. Initiatives like HYCAP Group's investment platform are crucial for enhancing Abu Dhabi's strategic position in the hydrogen sector and setting us on a clear path to becoming a top global producer."

HYCAP Group's investment approach is focused on matching hydrogen supply with emerging demand to foster rapid market growth. Investing across the hydrogen value chain, HYCAP portfolio companies include Wrightbus, which manufactures EV and hydrogen buses; Ryze, which transports and distributes green hydrogen; Hygen, a hydrogen production facility; Liquid Wind, a green electro fuel development company; and Yamna, a global green hydrogen platform.

Jo Bamford, Chairman and Founding Partner of HYCAP Group, stated, "Our venture into the UAE is a strategic decision to place HYCAP Group at the nexus of the world's emerging green hydrogen hubs. Under its visionary leadership, the UAE is spearheading the worldwide push towards clean and renewable energy. We are committed to supporting these initiatives by catalysing the hydrogen market. This includes establishing manufacturing clusters that can foster the necessary innovation, collaboration and demand needed for sustainable industrial growth."

James Munce, CEO of HYCAP Group, added, "Green hydrogen's potential as a key enabler in decarbonising sectors like transportation and heavy industry is immense. Our demand-first investment strategy is pivotal for unlocking the hydrogen value chain, paving the way for a sustainable and economically viable hydrogen economy." (ANI/WAM)

 
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