BAKU, Azerbaijan, January 25. Snam's investments in the hydrogen industry in 2023-2027 are set to amount to 100 million euros, Trend reports.
Within the company's plan, 20 million euros are earmarked for the engineering phase of the SoutH2 Corridor project. This initiative, listed in the PCI by the European Commission, positions Snam as a key player in fostering a cross-border hydrogen market.
Collaborating with other European TSOs (TAG, GCA, and bayernets), Snam aims to construct a 3,300 km hydrogen backbone, primarily repurposed, connecting North Africa, Italy, Austria, and Germany. The goal is to supply renewable hydrogen to demand clusters in Italy and Europe at a competitive price.
Snam is also engaged in various initiatives such as the Hydrogen Valleys of Modena and Puglia, hydrogen refueling stations, and the Gigafactory with De Nora. These projects collectively contribute to enhancing Italy's energy system's readiness for hydrogen integration.
Meanwhile, Snam's total investments in the energy transition businesses over the reporting period are expected to reach 1.2 billion euros. In general, some 11.5 billion euros is projected to be put in investments in 2023-2027 - up by 15 percent, compared to the previous plan.