HyGeorgia to Launch Green Hydrogen Production Project worth EUR 11 Billion
France-incorporated engineering-consulting company H2exagOn, together with Georgian managing partner David Otarishvili, has developed a Green Hydrogen production project worth EUR 11 billion.
The objective of the project is to overcome the current challenges and energy crisis in Georgia. The company launched the project development a year ago together with international specialists and prepared feasibility studies too.
David Otarishvili, the managing partner for H2exagOn:
“Tourism industry is the cornerstone of the Georgian economy. The pandemic has badly damaged this sector. The majority of our citizens earn a living in this sector. In the post-pandemic period, the competition will sharpen for intercepting tourist flows and it will be very difficult for Georgia to regain the pre-pandemic indicators. In this situation, besides the tourism industry, it is of importance that other sectors with due potential act as the backbone of the state economy to shape a more sustainable economic model. This function can be fulfilled by only the energy sector that is rich in renewable resources and they should be employed with minimum environmental and social impact, in compliance with international standards. At the same time, the energy sector development predominantly depends on Foreign Direct Investments. To this end, we should outline new business prospects. The global trends suggest that Green/Clean Hydrogen creates new unique and alternative prospects for Georgia.
Clean/green hydrogen is produced through water electrolysis technology that splits H20 molecules into H2(hydrogen) and O2 (oxygen) by use of electricity. Clean hydrogen is used as a transport fuel, as well as for the production of electricity and heating buildings.
"The Green Hydrogen production project will be implemented for 10 years. Georgia’s potential will be fully employed by 2030. The coastline zone in western Georgia is considered as a due location for arranging hydrogen production infrastructure".
This is a long-term project and EUR 11 billion is an impressive figure. Where do you plan to attract the investments from and who may be interested in investing in this project in Georgia in the post-pandemic period?
-EUR 11 billion is a genuinely huge investment for Georgia. However, this figure will decrease in the process and this factor will simplify the project implementation thanks to cheapening electrolysis technology. The point is that technologies are developed on daily basis and their production volumes are growing and this is directly reflected in the value of technologies.