OCP Group and Fortescue Energy have inked a joint venture to develop sustainable energy and agricultural practices. This represents a groundbreaking initiative poised to drive substantial progress towards a more sustainable and eco-friendly future, not only for Morocco but also for the broader world.
The joint venture aims to develop and supply green hydrogen, ammonia, and fertilizers, leveraging renewable resources and advanced technology to produce clean-burning fuels with zero carbon emissions and eco-friendly fertilizers.
Established as an equal partnership, the collaboration underscores the commitment of both OCP Group and Fortescue Energy towards decarbonization efforts and sustainable development. Mostafa Terrab, Chairman and CEO of OCP Group, highlights the venture as a crucial step towards fulfilling their vision of ensuring global food security while combating climate change.
READ:Globeleq to construct standalone battery storage in South Africa
Investing in technology
The partnership plans to establish a dedicated R&D hub near Mohammed VI Polytechnic University (UM6P) in Morocco, focusing on advancing research in renewable energy, green hydrogen, and mineral processing.
Both partners’ venture capital funds will collaborate to drive investment in crucial technological advancements in the green energy sector, ensuring the JV remains at the forefront of innovation. Morocco’s abundant wind and solar resources, extensive coastlines, and strategic location make it an ideal site for green energy production and distribution, aligning well with the goals of the joint venture.
The joint venture is expected to create significant economic benefits for Morocco, including the creation of thousands of jobs and industries, both domestically and potentially for export to other countries and continents.