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Summary
- Siemens Energy is going to be listed on the MDAX index of Germany
- The company will jointly develop world’s first industrial plant for producing green fuel
- Siemens Energy will be receiving a grant of around 8 million euros from the Ministry of Germany for the Haru Oni project.
The month of December has proven good for Siemens Energy AG (LON:0SEA). The Germany-based company is all set to be listed on the MDAX index of Germany. Stock exchange operator Deutsche Boerse AG announced that Siemens Energy AG would be joining the German MDAX index by replacing Grenke AG, the leasing company. The MDAX index ranks just below the DAX index constituting the blue-chip stocks.
The change will take place on 21 December. There were no alterations in the DAX and TecDAX indices. According to Deutsche Boerse, the next index review is scheduled for 3 March.
Other development
Of late, Siemens Energy AG, the spun-off entity of Siemens AG, had been in the news for various reasons. The company, along with Porsche is all set to develop the first industrial plant of the world for climate neutral fuel or e-fuel.
The pilot project, Haru Oni, is being developed and implemented in Chile by Porsche, the manufacturer of the sports car, along with Siemens Energy and a few other companies. The project is situated in the Magallanes Province in southern Chile, which has excellent wind conditions to produce green fuel.
About the project
The project is being developed to yield the first commercial, integrated, industrial-scale plant of the world for producing synthetic climate-neutral fuels, also known as e-fuels. This development will take place in three stages.
In the pilot phase, i.e., the first stage, a capacity of roughly 130,000 litres of e-fuels will be produced by 2022. In the second stage, the capacity will then be increased to approximately 55 million litres of e-fuels per year, which is expected by 2024, and ultimately the last stage where it will produce around 550 million litres of e-fuels, probably by 2026.
The main customer for the e-fuel would be Porsche, while Siemens Energy will be a co-developer of the project. Other partners of the project are energy firm AME, which will be the owner and primary developer of the Highly Innovative Fuels; Chile-based petroleum ENAP, which will provide the operating staff and will look after the maintenance and logistics; and Italian energy company Enel, which will focus on wind power and electrolysis.
Siemens Energy will be receiving a grant of around 8 million euros from the Federal Ministry for Economic Affairs and Energy of Germany.
