The Namibian government has finalized agreements with the German and Dutch governments, as well as the European Union, to establish a joint venture company to raise investments to accelerate the development of the hydrogen economy.
The new company, called Nam-H2 Managers will be managed by Namibia’s Environment Investment Fund (EIF), Climate Fund Managers and Invest International.
NAM-H2 Managers will be responsible for the creation and operation of the SDG Namibia One, a funding venture designed by the Namibian and Dutch governments to fund synthetic fuels projects within the southern African country.
“By joining forces, we can pool resources, share knowledge, and accelerate the transition towards a low-carbon future powered by green hydrogen,” said EIF CEO, Benedict Libanda.
Nam-H2 Managers will leverage a €40 million grant provided by Invest International as its initial capital to raise funds from both local and international parties to maximize Namibia’s green hydrogen potential.
The signing of the agreements also indicates the Namibian government’s right to own a 24% stake in the country’s first green hydrogen development being deployed in partnership with Hyphen Hydrogen Energy.
The development is also expected to help Namibia achieve its energy decarbonization, security and monetization targets set under the Harambee Prosperity Plan II and the Southern Corridor Development Initiative.