RIYADH: German energy storage firm H2 Industries will invest $3 billion to establish a green hydrogen plant in Egypt, Asharq reported, citing the firm’s CEO Michael Stauss. Located east of Port Said, the plant will have a production capacity of 300 million tons of green hydrogen per year. It is expected to absorb about 4 million tons of waste annually, between organic waste and non-recyclable plastic. H2 Industries "buys a ton of waste for about $20, which is an attractive price for those looking to work with us," the CEO added. The project falls in line with the Egyptian government’s goal to increase the proportion of energy production from new and renewable sources to 20 percent of the total energy production in 2022, to reach 42 percent by 2035. The CEO also pointed out that the Egypt factory represents the beginning of expansion in the Middle East and North Africa, revealing that his company is in negotiations with the UAE and eight African countries to establish similar projects to produce green hydrogen from waste.