- Hive Hydrogen, the subsidiary of UK-based Hive Energy, announces an investment of over $6 billion in green ammonia in South Africa.
- This is one of the most significant announced investments in South Africa’s nascent green hydrogen industry in 2022.
The developing green hydrogen sector and its derivatives are drawing more and more investors to South Africa. Over the next three years, Hive Hydrogen plans to invest more than $6 billion. On the sidelines of the recently finished Eastern Cape Investment Conference in the South African province, the subsidiary of the British company Hive Energy announced this development.
In Nelson Mandela Bay, an urban area in the Eastern Cape on the banks of Algoa Bay, Hive Hydrogen plans to invest in these projects. The community has backed the business, which Colin Loubser runs. Hive will construct 5 000 MW-capacity renewable energy facilities as part of the initiative.
The company will erect a facility on the coast that can generate 900,000 tonnes of green ammonia yearly. In addition, the London-based corporation intends to support the development of a saltwater desalination plant that can supply 50% of the demands of the Nelson Mandela Bay metropolis and produce clean electricity for the nearby power grid.
Hive Hydrogen’s investments will produce twenty thousand direct and indirect jobs. Authorities in the area claim that this is advantageous for the municipality of Nelson Mandela Bay, which is situated in a province with a 50% unemployment rate. The corporation plans three distinct phases totalling £15 billion, or more than $16 billion. With the construction of a new transmission line connected to South Africa’s power backbone, Hive aims for an installed capacity of 10 000 MW. The electricity will produce hydrogen and its derivatives, notably ammonia.