USD 32 million grant awarded from PtX Development Fund for Egypt Green Hydrogen project

Scatec ASA’s Egypt Green Hydrogen project has signed an agreement with the PtX Development Fund for a grant of EUR 30 million (USD 32 million) for partial financing of the project which will have a total capex of approximately EUR 500 million (US$ 540 million).

The PtX Development Fund is established by the German Federal Ministry for Economic Cooperation and Development and KfW, and managed by KGAL, with the aim to support Power-to-X projects in developing and emerging countries. This is the first grant approved by the fund.