H.E. Dr Hage G. Geingob, President of the Republic of Namibia, has announced that the country is set to receive approximately $6.3 million in concessional fees from Hyphen Hydrogen Energy. The fee will enable the country to fast track its green hydrogen development while ensuring economic growth is not only maintained, but accelerated.
Speaking during his New Year Presidential address, H.E. Geingob noted that in order “to turn opportunities into tangible outcomes, and to catalyze a rapid and sustainable growth trajectory, we must refocus our attention to maximize Namibia’s investment potential.” Specifically, the President emphasized the role that green hydrogen will play in driving Namibia’s economic growth.
“In 2022, we shall secure the first 100 million Namibian dollars in concession fees from the preferred bidder, bringing immediate relief to the fiscus and translating the vision of a synthetic fuels industry into immediate Foreign Direct Investment flows. We shall deliver Namibia’s Green Hydrogen strategy, outlining a clear pathway to unlocking even greater investments and to establishing Namibia as a regional and global decarbonization champion,” stated the President.
In November 2021, Hyphen Hydrogen Energy was selected by the Government of Namibia as the preferred bidder for a $9.4 billion green hydrogen project in the Tsau//Khaeb National Park. The project aims to produce up to 300,000 tons per year of green hydrogen and green ammonia.