According to aicep Global Parques, in a statement released on 14 November, the investment of over 1 billion euros results from a business collaboration between NeoGreen Hydrogen Corp (Canada) and Portugal's Frequent Summer S. A., for the installation of over 500MW [megawatts] plant.

The green hydrogen and derived fuels production unit will be installed on a 10.5-hectare site in the Sines Industrial and Logistics Zone (ZILS) and the contract will be signed Monday in Lisbon in the presence of the Secretary of State for Internationalisation, Bernardo Ivo Cruz.

For the minister, quoted in the statement, the project will "contribute to the National Strategy for Hydrogen in the development of a 'Sines Hydrogen Valley', in line with the Government's commitment to develop the Portuguese economy based on a double energy and digital transition.

"Sines is currently consolidating, installing or attracting investments in Logistics, Industry & Energy and Telecommunications from the most diverse geographies: Portugal, Spain, France, Italy, Germany, Switzerland, Netherlands, Denmark, Poland, Sweden, UK, Ireland, Thailand, Singapore, Malaysia, China, Australia, Brazil, USA, and of course Canada," he stressed.

The CEO of NeoGreen Hydrogen Corp. Chris Corson said that the company, which owns "a portfolio of green hydrogen projects around the world," is "particularly excited" about this alliance.