ProEuropean Magazine #1 by ProEuropean.eu

PROEUROPEAN TRADING GMBH

MAGAZINE #1

CRETE

VALLEY PROJECT We Support Europe, the Environment, the Future!

"Tomorrow's Energy, Today with the Signature of ProEuropean" e welcome you to the special edition of ProEuropean Trading GmbH magazine, on the occasion of Hydrogen Week. At ProEuropean, we recognize the importance of Green Energy and Hydrogen as the fuel of the future, and we are committed to being pioneers in this field. In our company, we believe that Hydrogen will play a pivotal role in Europe's energy transition. Hydrogen, as a fuel, offers a sustainable and clean solution for energy independence, minimizing CO2 emissions and contributing to environmental protection. At ProEuropean Trading GmbH, we have set a goal to make Crete the first energy-independent green island, using Hydrogen as the primary means to achieve this goal. The journey towards a more sustainable and clean energy technology is a challenge that requires the collaboration of all of us. Through our efforts and innovations at ProEuropean, we are convinced that hydrogen will be the fuel that configure the future of Europe. In our time, it is more critical than ever for governments to realize the necessity of adopting Hydrogen as a fundamental pillar for the energy transition of the future. Hydrogen offers a genuinely sustainable choice, simultaneously contributing to the enhancement of energy security and independence of nations. The decision to invest in Hydrogen is a decision for a green and sustainable future that needs to be made now.

Elena G. Margariti

We wish you a pleasant reading and an informative Hydrogen Week!"

Aikaterini E. Lianoudaki CFO

CEO

“Tomorrow’s Energy, Today with the Signature of ProEuropean.”

he European Union’s fundamental targets as part of the European Green Deal have been in force since 2019. Most of the proposed legislation as part of the “Fit for 55” proposals has been approved. Many were surprised by the strong role of hydrogen in the Green Deal. Since 2020, however, there has been a realization that Europe’s climate goals cannot be achieved unless the electricity and gas sectors are more closely linked. Hydrogen plays exactly this role. The European hydrogen strategy from summer 2020 was a good basis, but it has now expired and should be completely renewed. Some Member States have already followed this path. These new strategies are characterized by a doubling of the target and by expansion into sectors such as heating and construction, which

have so far been ignored. For Greece, this means that the data available to date could be brought together to form a very modern hydrogen strategy, perhaps based on what other EU member states are currently doing. Greece’s advantages are obvious: the elections formed a strong government that is capable of action and is very well recognized in the EU, which can guarantee rapid action on the matter of the hydrogen strategy. Quick action is required because pole positions are being awarded right now. Greece has a strong industrial environment in the field of the hydrogen economy. A total of 15 companies from Greece participate in Hydrogen Europe alone, among them all the major energy companies. For the size of the country, this is very good compared to other Member States. With

the hydrogen industry, Greece is more strongly represented than countries like Portugal, which have comparable conditions. And the numbers are rising, especially since almost all Greek regions have already expressed interest in getting more involved in the hydrogen sector. Another important feature of Greece’s pioneering role is the Special Projects of Common European Interest (IPCEI). Here Greece has been actively involved in the process and hence has expressed its interest in essentially playing a leading role in this basic technology. The increased number of large fires in Greece demonstrates the immediate need to take measures to protect the climate. There is no doubt that man-made climate change is responsible for the extreme heat, which has greatly favored forest fires in Europe as well as parts of Africa, the Americas and Asia.

Jorgo Chatzimarkakis CEO Hydrogen Europe

Hydrogen will boost Greece’s geo strategic role Record temperatures in June and July in southern Europe would have been “virtually impossible without human emissions,” writes World Weather Attribution, an academic body that studies the attribution of extreme weather events. According to the World Weather Attribution, heat waves in southern Europe are 2.5 °C warmer than they would be without anthropogenic climate change. This also means that Greece needs to implement climate protection measures more quickly, in particular the phasing out of lignite. However, Greece’s dependence on oil for electricity production is still extremely high. As a result, the electricity generation balance is worse today than in comparable EU member states. The Hellenic Shipowners’ Association could use its extremely strong position in the European fleet, with

a share of almost 60%, to accelerate the transition in renewable energy sources. Hydrogen plays an important role here, which can also be produced in Greece and imported into Greece. It is the renewable raw material for synthetic gases and synthetic fuels, which can completely replace fossil raw materials in electricity production. EU legislation makes it possible to start financing with EU funds quickly and efficiently. The growing European hydrogen economy is ready to engage massively in Greece. Regarding the country’s energy future, hydrogen will play a fundamental role. It will allow compensating for the intermittent period of a rapidly growing renewable energy sector in Greece. It will contribute to the replacement of fossil energy sources especially for energy production that is still

based on lignite. It then refers to phasing out lignite units much earlier than other European economies. The island of Crete Play some fundamental role in this hydrogen strategy that Greece will thrive for. Located between three continents it symbolised already in ancient times important crossroads for culture, trade and energy. The windmills of the Lassithi plateau Symbolise that already in mid evil times wind was the main energy source. The sun rich biggest Greek island not only has the potential off solar and wind but also can pilot the technological change that is needed in order to master the sustainable transition. moreover the entrepreneurial spirit of Cretans will be a guiding role in this shift of courses towards a sustainable and renewable energy future.

Melissa Verykios Chair Of the Board Clean Hydrogen Partnership

“The transformation of the energy system of Crete through the eyes of the Clean Hydrogen Partnership”

’m honoured to have the opportunity to comment on this grand Hydrogen project created by ProEuropean. H2Crete is managed and structured in a unique fashion. It stands out not only because of its capacity magnitude and innovative technology but also because of the inimitable impact it offers, both environmentally and socially to a substantial energy network.

roEuropean, one of the few privately owned companies that have been able to realise such high capital investment financing on the building of a100MW Green Hydrogen project, developing the infrastructure and the commercialisation of a the network system for Green hydrogen production to fuel various applications such as mobility, energy production and transport, and has been officially approved as a Hydrogen Valley at the Clean Hydrogen Observatory, placing Crete on the Hydrogen Map. The Clean Hydrogen Partnership is a grand supporter of such visionary projects, addressing in any way possible their evolution and exposure to the European hydrogen network.

ydrogen valleys have been exceptionally supported by NextGeneration EU and Repower EU by the EU Commission, as seed funded projects designed to create a network throughout the European Member States continent, to grow hydrogen energy networks with the capacity to grow in size and to interconnect, eventually replacing the current pollution emitting energy system.

2Crete Hydrogen Valley is designed to play a significant role in the energy transition of South-Eastern Europe, creating a consistent hydrogen supply chain. Being one of the largest hydrogen projects currently globally, H2Crete will be able to serve the geographical area needs on Green Hydrogen supply, and to fuel applications that are of second and third generation on hydrogen technologies, aiming to be supported commercially, serving first handedly the targets of production and use of hydrogen in the EU by 2030 that the European Green Deal has set.

he continent of Crete has been strategically selected as the birth place and site of such project, as it is proven to be a location of critical geopolitical importance, due to its size, it’s energy network and the environmental impact imprinted. The replacement of the current network will decarbonize the energy network by hundreds of tons of CO2 and other polluting elements that are emitted into the atmosphere yearly through the use of current conventional and polluting fuels.

hat is more, Crete and specifically the industrial location of Atherinolakos are hosting two PCI cables and pipelines of utmost importance landing on the vicinity: East Med and the GAP. Both the cable and pipeline will bring in one of the most economical green energy networks due to its proximity to its solar source based in Egypt, as well as the transmission of 10bn cubic meters of NG per year connecting Crete to Cyprus and Israel. Such infrastructure paired with an investment of EUR 360Mn on 100MW green Hydrogen will be attracting investors and Green Hydrogen off-takers from other Member States to develop complementary bankable projects, transforming Crete and Greece into a commercial green energy hub.

n October 10th, the European Commission President Mrs. Ursula Von der Leyen and Executive Vice President Maros Šefčovič, hosted the first of a series of Clean Transition Dialogues, with subject “Hydrogen Dialogues” a high-level meeting inviting 20 CEOs of Energy companies in the hydrogen value chain as well as Commission representatives, to discuss openly the way forward on the hydrogen energy transition. Matters of connecting and mapping off takers to suppliers were discussed openly, to address the transition of such sizable projects as H2Crete.

he EU commission has authorised over 17 billion euros in State Aid for 80 hydrogen projects across the EU, The Recovery and Resilience Facility (RRF) of

Greece, being also part of the Cohesion fund shall be able to support such projects, attracting additional investments to create a Greek value chain, to create new jobs and to uplift the economy in various ways should be used as a robust basis to convince investors to enter the country.

his type projects such as H2Crete can be used as showcase to define the specific financing needs for commercialisation such as the further evolution of the Hydrogen Bank, as well as to create public awareness and a knowledge sharing plan and to propel the existing legal frameworkof National Energy and Climate Plans. Hydrogen Bank has just activated it’s auction, backed by 800 million euros in European funding. his auction system will reward the most innovative and competitive companies, which can produce hydrogen at the lowest cost, to fill the gap between production cost and the price that the market is currently willing to pay. Projects such as H2Crete should be eligible to apply to narrow the gap between production price and selling price to accommodate and attract off takers, as the investment is there, speaking about EUR360m, one of the most sizable private investments on hydrogen infrastructure so far.

2Crete is accelerating procedures to showcase energy independence of an island continent, and it can be one of the first real life grand size hydrogen case studies to prove hydrogen marketability, hydrogen availability and hydrogen transportability to ensure a consistent hydrogen supply, also participating into preparing the ground-work for Greece helping this way the dialogue on regulatory framework for hydrogen and firming the existing national legal framework.

e support ProEuropean in their journey, the Clean Hydrogen Partnership has embraced this Hydrogen Valley which can be found on the map of the Hydrogen Observatory officially. We hope to see H2Crete propel the short-term & long-term outlook for the energy sector.

Elena G. Margariti CEO / ProEuropean Trading GmbH

Hydrogen as a Protagonist in the Fight against Pollution and the Vision for an Energy-Independent Europe

n the battle to rid the planet of the consequences of burning hydrocarbons, hydrogen emerges as a powerful ally. The combustion of hydrogen produces only water, without emitting polluting gases that affect the atmosphere and the health of residents. This makes hydrogen a clean and viable alternative to traditional fuels. The impacts of using hydrogen as a fuel are multiple and significant, not only for the environment but also for the economy. Energy-intensive industries such as cement, steel, and refineries, which are the backbone of the European economy, can benefit from using hydrogen. Replacing traditional fuels with hydrogen will lead to a reduction in emissions of polluting substances, reducing the environmental footprint of industries. Additionally, the development of hydrogen technologies will contribute to the creation of new jobs, mainly for scientists and technical specialists, as well as workers in new hydrogen production and management facilities. The new jobs, in combination with increased energy security, will lead to a more dynamic and competitive European economy. It is important to emphasize that Europe has the potential to become energy-independent through the development of green hydrogen production technologies. Green hydrogen is produced from renewable energy sources such as solar and wind energy, and not from fossil fuels, ensuring complete independence from oil market fluctuations and political instabilities of oil-producing countries. Residents' health will improve due to zero emissions of pollutants into the atmosphere. Polluting gases from the combustion of hydrocarbons are responsible for many environmental and health problems, such as respiratory diseases, cardiovascular disease, and cancer. Reducing emissions of these gases will have a direct positive impact on citizens' health. The energy transition from fossil fuels to hydrogen is a critical step towards achiev-

ing global sustainability and reducing greenhouse gas emissions. The benefits of this transition are manifold and positively affect many sectors, such as transportation and industry.

Transportation Sector: 1. Reduction of Emission Pollutants: Hydrogen-powered vehicles emit only water and do not produce pollutants, significantly contributing to the reduction of air pollution. 2. Increased Energy Efficiency: Hydrogen vehicles are more efficient compared to gasoline or diesel vehicles. 3. Energy Independence: The use of hydrogen as fuel can reduce dependence on fossil fuels and promote the development of local energy sources. Industrial Sector: 1. Reduction of Emission Pollutants: The use of hydrogen as fuel can eliminate pollutant emissions in industries that are traditionally major polluters, such as cement, steel, and refineries. 2. Energy Efficiency: The use of hydrogen as fuel can improve the energy efficiency of industrial processes. 3. Creation of New Opportunities: The development of hydrogen technology and its application in the industrial sector will create new opportunities for research, development, and innovation. Overall, the transition from fossil fuels to hydrogen will have significant benefits for the environment, economy, and society, as well as for strengthening energy security and independence. The energy transition to hydrogen is a crucial step towards achieving sustainability and sustainability goals. Expanding further on the economic benefits for Europe and its heavy industries from the use of hydrogen as a fuel, it is evident that the implications are profound and far-reaching. Firstly, the adoption of hydrogen as a primary fuel source would significantly reduce Europe's dependence on imported fossil fuels, such as oil and

natural gas. This reduction in dependency translates to a more stable and predictable energy market, sheltered from the fluctuations of global oil prices and geopolitical instabilities. The savings from reduced fossil fuel imports can be substantial, bolstering the economic health of the continent. Moreover, the switch to hydrogen fuel is particularly advantageous for energy-intensive heavy industries such as steel and cement production. These industries are not only vital for the European economy, contributing significantly to its GDP, but they are also among the most significant contributors to CO2 emissions. By adopting hydrogen as a fuel source, these industries can dramatically reduce their greenhouse gas emissions, aligning them with the European Union's ambitious climate goals and regulations. This alignment will also prevent these industries from incurring potential future costs associated with carbon taxes and penalties. Additionally, the development and adoption of hydrogen fuel technology will foster innovation and create a new industrial sector, generating numerous job opportunities and economic growth. This new sector will include jobs related to the production, transport, and management of hydrogen fuel, as well as jobs in research and development as companies seek to improve and expand upon existing technologies. Furthermore, by positioning itself at the forefront of the hydrogen revolution, Europe can become a global leader in this emerging industry. This leadership can potentially translate to significant economic gains as Europe exports its technology and expertise worldwide. In conclusion, the transition to hydrogen as a primary fuel source offers Europe and its heavy industries numerous economic benefits. These include savings from reduced fossil fuel imports, alignment with climate goals, job creation, and potential global leadership in an emerging industry. All of these factors contribute to a more stable, prosperous, and sustainable future for Europe.

Aikaterini E. Lianoudaki CFO / ProEuropean Trading GmbH

From vision……...

he global energy landscape is undergoing a markable swift as the world endeavours to compact climate change and enhance energy security by transitioning to a cleaner, more sustainable energy sources.Hydrogen is the lightest and most abundant element in the universe. It has gained attention as a potential clean energy carrier due to its versatility and environmental benefits. Energy transition is a challenging journey where hydrogen 's major role contributes to International Energy and climate goals towards a net zero economy. The presence of hydrogen will result in stronger links across the energy system by providing a bridge between electric, gaseous, and liquid energy mediums. These links will allow areas with renewable energy generation to meet energy demand in the power, heating, industrial on transport sectors. H2CRETE VALLEY in respect of ambitious targets set by European Union promotes strategies to attract investment and facilitate deployment of hydrogen technologies as to comply with future demand for green hydrogen and hydrogen-based fuels.

H2CRETE VALLEY Contribute switching hydrogen use in existing applications to low emission hydrogen and expand use to new applications in heavy industry or long-distance transport. H2CRETE VALLEY is a fundamental Project that advanced Europe to secure its energy independence, spreading the positive effect of industry decarbonization. Proeuropean Trading GmbH as member of European Clean Hydrogen Alliance support the large-scale deployment of clean hydrogen technologies by 2030, underline the importance to environmental sustainability and accelerating the transition to a green hydrogen economy. Proeuropean Trading GmbH, through the implementation of H2CRETE Valley project confirm its commitment towards a net zero green economy, creates a new energy ecosystem. Simultaneously multiplying the economic benefits at a social level, creates new jobs, promoting energy specialization of the staff, the educational adaptation of society to alternative forms of energy, promotes energy autonomy on the island of Crete. H2CRETE will be a data base of applied practice for future investment schemes for

hydrogen production within the European union.Hydrogen is seen as a promising part of the clean energy transition, Proeuropean Trading GmbH through research and development of H2crete valley project aims to make it more economically viable and environmentally sustainable bring the vision of the future in action today. “ProEuropean Trading reached an agreement with RINA, a multinational company present in 70 countries, dealing with consulting engineering and certification, with a specific focus on energy transition, decarbonization, ESG, and digitalization. Within the H2CRETE Valley Project, RINA provides a holistic approach by offering technical, financial and sustainability advisory services on behalf of ProEuropean Trading. ProEuropean considers RINA the right Partner to help turning Crete into a strategic Green Hydrogen production Hub”

Share our vision Share our passion Let’s breath life to Hydrogen

...to action…!

Andrea Bombardi Carbon Reduction Excellence, Executive Vice President in

H2CRETE Valley: A strategic Project toward Net Zero

he energy transition, as a road map towards net-zero, is pervasive to all the sectors and must leverage on all the technologies and solutions that could help reach this goal. Industrial players need to balance the technology maturity with long term investments, infrastructure readiness with EU policies, energy independence with feasibility. In this context, Hydrogen (H2) will play a major role in the energy transition. Hydrogen technologies provide a mature and competitive solutions towards EU energy security and ς strategies. H2 Production process (electrolysis) and RES power generation are becoming cheaper, making Green H2 a strong alternative in the energy transformation of many hard-to-abate industries. The European Union aims to achieve a domestic production of 10 million tons by 2030. To meet the production targets set by EU, additional investments in produc-

tion capacity are necessary, particularly in Green H2. “In this well-known and challenging context, H2CRETE Valley is a pioneer project since it allows the island of Crete, also for its strategic position, to become a Green Hydrogen hub and a key pillar of entry, transmission, and distribution of energy from North Africa to Europe.” - stated Andrea Bombardi, Carbon Reduction Excellence, Executive Vice President in RINA – “RINA’s experienced engineers and economists are fully committed in supporting the complete development of the project, from the techno-economic feasibility study to the final deployment and entry into operation in January 2028”. H2CRETE is, in fact, focused on largescale Green H2 production facility of 100 MW, located in Atherinolakos – Crete Island (Greece). It is worth to underline that Greece is part of the Hydrogen Corridor E – East and South-East Europe designed by 11

European Hydrogen Backbone (EHB) and part of the South-Eastern H2 Corridor designed by European Clean Hydrogen Alliance (ECH2A). Finally, H2CRETE is recognized as “Hydrogen Valley” by Clean Hydrogen Partnership through Mission Innovation Hydrogen Valley Platform. Currently, there are 54 Hydrogen Valleys in EU27 and only 2 in Greece. “With these premises the realization of H2CRETE is extremely strategic not only for Greece but for Europe as a whole” Mr Bombardi concludes. H2CRETE Valley’s ambition is not only to be a pioneer in Green Hydrogen production but also to become a lighthouse project for the Industry as a whole, generating spillover effects. RINA is honored to support ProEuropean Trading in a such strategic project for European energy transition”.

H2CRETE Valley Project

1. Introduction The global climate and energy crises, which strongly affect the European Union (EU), are driving the transition from a fossil fuel-based energy network to a net-zero energy economy. In this context, Hydrogen (H2) will play a kay role in the energy transition. Hydrogen technologies provide mature and competitive solutions for EU energy security and decarbonization strategies. The hydrogen production process (electrolysis) and the renewable energy source (RES) power generation are becoming

cheaper, making Green Hydrogen a strong alternative for transforming many hard-toabate industries. The EU aims to achieve a domestic production of 10 million tons of Renewable Hydrogen by 2030. To meet this production target, additional investments in production capacity are necessary, particularly in Green Hydrogen. In this context, ProEuropean Trading GmbH is developing the H2CRETE Valley: a pioneering project focused on a largescale Green Hydrogen production facility of 100 MW, located in Atherinolakos – Crete

Island (Greece). H2CRETE Valley aims to not only lead the way in Green Hydrogen production but also serve as a flagship project for the entire industry, creating ripple effects in various areas, including knowledge transfer, contributions to standardization activities, and the decarbonization of sectors such as mobility and power generation. Moreover, the H2CRETE project will develop pricing models, techno-economic analyses, and insights, paving the way for the establishment of the European Green Hydrogen Industry.

2. ProEuropean Trading GmbH The H2CRETE Valley Project is led and coordinated by ProEuropean Trading GmbH, based in Munich, Germany.

-Elena Margariti – Chief Executive Officer (CEO). Elena Margariti is Founding Partner and Chief Executive Officer of ProEuropean Trading GmbH. She is committed in Green Hydrogen production projects in Crete (Greece) and in Munich (Germany). She is specialized in corporate strategy. Elena has 30 years’ experience in corporate taxation planning & taxation laws. Elena is former Chairman and CEO of corporate services companies in Germany, Greece, Cyprus, Bulgaria, and Romania. Moreover, she is former Advisor and Consultant of a number of public private partnerships in construction and defense, including Breda Ferroviarie, Augusta, Oto Melara of Efim Group, subsidiaries of the Finmeccanica Group; chiefly companies that are active in the field of land and air transportation systems and defense systems. Elena holds a M.Sc. in Business Administration and Human Resources Management from London School of Economics and Indianapolis University.

2.1 Company Presentation ProEuropean Trading GmbH is a European project management company at the leading edge of innovation & technology in the green energy sector. The company is specialized on the following six key sectors: -Research & Innovation in Green Hydrogen Technologies. -Implementation of Leading Edge Technologies. -Installation & Delivery of Turnkey Power Station Projects -Project Structuring & Planning. -Project Finance. -Project Management. The German-based company plays a key role in integrating the latest technological advances in the generation and distribution of Green Hydrogen and implementing them into power generation projects. ProEuropean is focused German, Greek, Romanian, Bulgarian, and Cypriot markets.

-Aikaterini Lianoudaki – Chief Financial Officer (CFO). Aikaterini Lianoudaki is Founding Partner of ProEuropean Trading GmbH and Chief Financial Officer. She is committed in Green Hydrogen production projects in Crete (Greece) and in Munich (Germany). She has 16 years’ experience as director and senior bank officer. Aikaterini is expert in SME funding and debt issuance for governmental pension funds in Scandinavia and Asset Management Funds in London and Rome. She has extensive experience in managing sustainable development projects at EU level, including drafting proposals, securing funding, and implementing the projects. She secured funding through Structured Finance, Guarantees-SFG, Project Bonds, Private Finance for Energy Efficiency (PF4EE), Bilateral Cooperation Program INTEREG Hellas- Cyprus. Horizon 2021-2027 and the Innovation Council. She holds a M.Sc. in in Project Management from National Technical University of Greece.

2.2 ProEuropean Trading GmbH Vision & Mission -Vision-“Our Vision is to be the most innovative and leading player in making clean energy affordable, reliable, and accessible to our partners and their regional communities”. -Mission – “ProEuropean Trading GmbH is dedicated to playing a leading part in the European Energy Transformation to carbon neutrality and a climate-neutral economy by 2050. We do so by driving the development, construction, and implementation of clean energy pilot projects across Europe. We focus on optimizing highly innovative deep decarbonization solutions in industrial sectors, leading to a significant reduction of CO2 emissions to an eventual goal of zero carbon emissions”.

-Tilman Schultz Chief Commercial Officer (CCO). Tilman Schultz is the Chief Commercial Officer of ProEuropean Trading GmbH. He has 20 years’ experience in investment banking and leading tech companies (Siemens, IBM, and Saxo Bank). Tilman is a specialist in structuring, designing, and implementing innovative client solutions for banks and tech companies. He is expert in algorithmic trading and alternative investments, with a focus on hedge funds, funds of funds, alternative investment funds, wealth managers and private banking. Running regulated Swiss Wealth Management Company. He has a M.Sc. Master in European Business from ESCP.

2.3 Company Executives ProEuropean Trading GmbH has a diverse and dedicated team. The board management has extensive experience in Management, Economics, and Finance, with a deep understanding of Green Hydrogen and Electrolyser market segments. 13

Crete Island Strategic Location

2CRETE Valley Project’s objective is to build a cost-effective Green Hydrogen hub in the heart of Mediterranean Sea, turning Crete in the structural pillar of entry, transmission, and distribution of energy power from North Africa to Europe. The island of Crete lies in the southern part of the Aegean See. It is the largest island in Greece (8.336 km2) and the fifth in size in the Mediterranean Sea. Several energy interconnections projects have already announced their positioning in Cretan ground, due to the strategic standpoint of the island. The implementation of projects like GAP Interconnector, EuroAsia Interconnector, and EastMed pipeline, will guarantee direct access to low-cost energy sources. All these projects have one thing in common: Atherinolakos as the end point of each interconnection. Atherinolakos is a remote and uninhabited industrial area on the south-west coast of Crete. It is also hosting the Public Power Corporation of Greece (PPC S.A.) and it has direct access existing infrastructures, TSO’s and DSO’s network & pipeline, port facilities, open sea, and desalination plants. For these reasons, ProEuropean Trading has designated Atherinolakos as the best location to realize the H2CRETE Valley Project. The company has already secured 66,000m2 of land in Atherinolakos area and is in negotiations for additional 130,000m2. The overall area is large enough to realize a large-scale Green Hydrogen production plant. The following section summarizes the main energy interconnection projects involving Atherinolakos.

GAP Interconnector The area of Atherinolakos will be the end point of the Greece – Africa Power interconnector (GAP), a submarine DC transmission link. This cable will connect Mesra Matruth (Egypt) with Atherinolakos, ensuring a direct access to one of cheapest RES worldwide. This project is expected to guarantee certificate of origin of energy and to streamline the Green Hydrogen production at competitive Levelized Cost of Hydrogen (LCOH). The GAP Interconnector is set to be listed among the European Projects of Common Interest and its overview is highlighted in the following figure.

EuroAsia Interconnector The EuroAsia Interconnector is a leading Project of Common Interests of EU, aiming to ensure energy security by the creation of a reliable electricity corridor from Hadera (Israel) to Korakia (Crete, Greece), via Kofinou (Cyprus). The project will help the integration of RES in the region. The EuroAsia Interconnector’s overview is highlighted in the following figure.

Source: ProEuropean Trading and RINA elaboration, 2023

Eastern Mediterranean (EastMed) Pipeline The EastMed Pipeline is a planned pipeline project that will directly connect East Mediterranean energy sources to mainland Greece via Cyprus and Crete. This project aims to provide a new and competitive gas volumes, enhance energy security of supply, and contribute to energy transition. Indeed, the EastMed is designed to be fully Hydrogen-compatible, creating a corridor towards Europe for the Hydrogen produced in this region. The H2CRETE production site will be located at 350m from EastMed decompression station in Atherinolakos.

(CRAVE2). The CRAVE2 objective is the development and operation of cutting-edge Hydrogen technologies. The project has a total budget of €11M, of which €8M will be financed by the European Commission and the Clean Hydrogen Partnership. EUNICE Energy Group is the coordinator and leader of the consortium composed by 7 other members from Greece, Italy, and Denmark. Other Hydrogen-related projects are likely to be implemented into Cretan ground. Thanks to these initiatives, Crete Island is expected to become a Green Hydrogen strategic hub. The flourishing of these projects generates favourable conditions for the creation of synergies between different players along the Hydrogen value chain, as well as job opportunities at local level. Finally, Greek Government and local authorities are setting ambitious targets and working on roadmap for domestic Green Hydrogen production, with the goal of playing a key role in future European Hydrogen corridors. Indeed, Greece is already part of the Hydrogen Corridor E – “East and South-East Europe” designed by European Hydrogen Backbone. The aim of the corridor is to provide access to low-cost Hydrogen supply to demand centres along the corridor.

Source: European Hydrogen Backbone, 2023

Finally, Greece is also part of the South-Eastern H2 Corridor designed by European Clean Hydrogen Alliance (ECH2A) in its Learnbook on H2 Supply Corridors. The key drivers of this corridor are decarbonization, power, and transport.

Source: Edison EastMed – “Poseidon Project”, 2023

Thanks to all these initiatives, Crete and Atherinolakos area are attracting private investors and public grant funding for Green Hydrogen projects. For instance, Atherinolakos already hosts a Horizon Europe funded Hydrogen Valleys project: the Cretan-Agean Hydrogen Valley Project Source: ProEuropean Trading and RINA elaboration, 2023

Source: European Clean Hydrogen Alliance, 2023

H2CRETE Valley Project 4.1 Project overview 2CRETE Valley is a renewable energy project striving to generate Green Hydrogen from renewable energy sources and sea water. The project will be implemented in the island of Crete (Greece), strategically located in the heart of the Mediterranean Sea. As previously mentioned, H2CRETE production site is located in Atherinolakos, a remote and inhabited area where the Public Power Corporation S.A. established an oil-fired power plant back in the ‘90s.

Source: OpenStreetMap, 2023

2CRETE will install a 100 MW PEM Electrolyzer, consisting of a stack of 10 electrolyzers of 10 MW each. The Project involves multiple plants & equipment such as Compression System, Storages, Generators, Reactors, and Turbine. The H2CRETE project aims to create approximately 45 new direct jobs, boosting the employment in the wider area of project implementation. Also, the project will proceed with the preparation and execution of a series of training programs for the specialization of the staff in Green Hydrogen ecosystem. Moreover, H2CRETE will contribute to the achievement of the objectives of the European Union for skilled personnel and targeting the reduction of unemployment. This is particularly relevant for Crete and Atherinolakos, where the unemployment rate is higher than the Greek average, as depicted in the following table.

inally, H2CRETE Valley Project is recognized as “Hydrogen Valley” by Clean Hydrogen Partnership through Mission Innovation Hydrogen Valley Platform. As of October 2023, there are 84 Hydrogen Valleys globally, 54 in EU27 and only 2 in Greece.

4.2 Envisaged End-Markets & Potential Off-takers H2CRETE Valley Project will involve a 100 MW Electrolyzer able to produce about of 1,800 kg H2/h. The Green Hydrogen produced will be used in four different end-markets: 1. Export H2CRETE’s objective is to turn Crete into the Green Hydrogen hub of the Mediterranean Sea. Due to the absence of H2-pipeline infrastructure, the analysis is focused on exportation of Green Hydrogen by sea. The optimal transportation technology to export Hydrogen via maritime shipping is the “Ammonia conversion and reconversion”, due to safety reasons and storage constraints. Hence, about two thirds of H2CRETE’s Green Hydrogen production (1,144 kgH2/h) will be converted into Green Ammonia (NH3) to be used as a Hydrogen carrier. ProEuropean Trading is considering two port infrastructures in which to implement the exportation of Green Ammonia: the Port of Atherinolakos and the Port of Heraklion. ProEuropean Trading is in advanced negotiations with Greek shipowners, Port Authorities and port landlords, and international Off-takers (e.g., chemical companies, steel makers, etc.) to secure this End-Market. 2. Public Mobility Green Hydrogen is emerging as an alternative fuel for Public Mobility (Buses, Cars, and Heavy Goods vehicles). Manufacturers and Transport operator are investing in this feedstock. According to the Hellenic Statistical Authority, there are 1,409 cars for Public Use, 1,838 Trucks for Public Use, and 1,175 buses on Crete ground. H2CRETE Valley Project strives to incentivize the conversion of the actual Cretan public vehicle fleet into a H2-powered public vehicle fleet. Particularly, the H2CRETE Valley Project aims to deliver about of 40 kg H2/h to this end-market. Moreover, ProEuropean Trading is entering in negotiations with parties interested in investing in Hydrogen re-fuelling stations in Crete (e.g., oil & gas majors, equipment providers, fuel distributors, local public transportation companies, and local authorities & associations). 3. Navy Crete Island hosts some of the major military naval bases of the Hellenic Navy and NATO. They are located in Souda Bay and Souda Port, in the north-west of the island. The Hellenic Navy currently employs a flotilla of 11 submarines, all of which were ordered from Germany’s Howaldtswerke-Deutsche Werft (HDW). TYPE 214 features diesel propulsion with an air-independent propulsion (AIP) system using Siemens PEM hydrogen fuel cells. H2CRETE could supply Hydrogen for fuel-cell Navy submarines that are in operation in the Mediterranean Sea. Particularly, the H2CRETE Valley Project aims to deliver 57 kg H2/h to this-end market. ProEuropean Trading aims to set-up a meeting with the Hellenic Navy and the Government to exploring the feasibility of this End-Market. 4. Power Generation ProEuropean Trading aims to direct the remaining portion of Green Hydrogen produced by H2CRETE (559 kgH2/h) to local power generation companies. They could use the Green Hydrogen as a feedstock in their production process. Alternatively, H2CRETE may convert this amount of Green Hydrogen to Green Electricity through Gas Turbine. The Green Electricity could be sold to power generation companies to manage peak shaving. ProEuropean Trading is negotiating this opportunity with potential offtakers. The following pie chart shows the envisaged volumes of the four End-markets of the H2CRETE Valley Project.

Source: ProEuropean Trading and RINA elaboration, 2023 18

Leveraging its extensive know-how in Hydrogen Value Chain and the wide range of services in the Marine, Certification, Energy & Mobility, Infrastructure & Real Estate and Industry sectors, RINA provides clients with innovative and bespoke solutions in the energy transition underway

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Andrea Bombardi

Carola Ferretti

Paolo Gallorini

Marco Carta

Lorenzo Collalti

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Francesco Tonci Ottieri Market Analyst / ProEuropean Trading GmbH

Crete: the mitHycal gateway to Europe

he legend goes that Zeus, king of the Gods, fell in love with Europa, the beautiful princess of Tyre. Disguised as a handsome, white bull he made his way amongst the Tyrean king’s cattle and drew nearer to Europa. She immediately noticed him and, fascinated, caressed him. This was enough for Zeus to pull her on his back and carry her to one of the nearest Western lands – the island of Crete. Thus, according to some sources, the name of the Continent can be traced back to an island that has always been a gateway from Africa and the East to Continental Europe. The myth doesn’t end there – in fact, it’s just starting to get interesting. Once in Crete, Europa is made queen of the island and gives birth to Rhadamanthus and Minos, who would grow to become the two mythical kings of Crete. The former ruled over the Southern part of the island from the palace of Phaistos – not far from modern-day Matala. The latter ruled over the Northern part and resided in Knossos palace – near modern-day Heraklion. It is up to each one of us to decide whether these myths are representative of real historical events or if they are just bed-time stories for Ancient Greek children. However, one fact is undisputable: the Minoan civilization ruled the Eastern Mediterranean trade for over one hundred years – roughly from 1580 to 1450 B.C.E. and trade went from Egypt and the East to Crete, then – and only then – it sailed towards the rest of Europe. With a palace – and annexed port – on the South coast (Phaistos), one on the North coast (Knossos) and a network of roads in between, Crete was the true commercial gateway to Europe. Now you must be wondering, what do these old stories have to do with today’s world? A lot! Since 2001, an electricity interconnector connects Crete to the Greek mainland – thus to the European grid – and a second cable is being built with a capacity of 1GW. Moreover, Eunice is

solution in the footsteps of an old one. They made it their goal to turn this vision into a reality. Green energy will flow from Egypt and farther afar to the Southern Cretan ports like in Minoan times gold, linen and papyrus reached that same shore. Once there, excess electricity, together with locally produced one, will be turned into green hydrogen, just like gold was turned into jewels, linen into clothes and papyrus into scrolls. Then, along the same northward land route, hydrogen will make its way to the north coast, as in ancient times finished goods made their way along picturesque, winding mountain roads in Central Crete to reach the same Northern shore. Finally, green hydrogen will reach off-takers all over Europe, like other commodities did so in Minoan times.

planning on building a 2GW interconnector from Egypt to – guess where? – Crete. When this comes into operation, green electricity will flow from Africa to Crete, then – and only then – from Crete to Europe. In the past thirty-five centuries much has changed: our vessels have engines, not sails, Crete is ruled by an elected governor instead of kings, we commute by sitting in a car, not riding on a horse, and so on. However, some things have remained the same: critical commodities still cross the Eastern Mediterranean and Crete still proves to be the essential steppingstone for those goods. ProEuropean GmbH have a vision: Crete as the gateway of green energy from the South-East to Europe - a new 21

Green hydrogen is the best answer to many of the issues raised by the rampup of renewable energy production: it helps avoid energy curtailment, it unburdens and stabilizes the grid, it provides a versatile, universal energy vector and, most importantly, it constitutes a reliable, large-scale, long-term clean energy storage solution. For the green hydrogen market to fully develop, however, there is a need for progressive entrepreneurs with a vision, entrepreneurs who do everything in their ability to bring to life ambitious, pioneering projects – projects like H2CRETE.

Be part of something mytHical, be part of H2CRETE!

Dr. Eng.

Emmanuel Karapidakis Dean of the School of Engineering Head of Energy, Environment and Climate Change Institute Professor, Electrical & Computer Engineering Dept. Hellenic Mediterranean University

Crete Island Energy

rete is the largest Greek island with approximately 8.500 km2 and the fifth in Mediterranean Sea with more than 600,000 inhabitants, tripling in summer period. The primary energy demand of the island is approximately 8TWh, including oil fired thermal units and local mobility, whereas 3TWh is the corresponding electricity demand. The island’s electricity generation system is based on three (3) oil-fired thermal power units, numerous Wind Parks and small-scale PVs, and an AC interconnection with the mainland of Greece. CRETE’S POWER SYSTEM OVERVIEW As it is previously mentioned, the island’s electricity generation system is based on three (3) oil-fired thermal power units, numerous Wind Parks and smallscale PVs, and an AC interconnection (200MVA/150kV) with the mainland of Greece. The capacity of these three power plants reaches 700MW in total. Additionally, there are 29 wind parks (WPs) with nominal installed power of 215MW across the island. These WPs are connected to the island transmission system through MV/HV substations of 20kV/150kV. Furthermore, more than 1200 small-scale PV plants of 80kW nominal power each are installed that add up 12. These small-scale PVs are connected to the grid through LV/MV substations of 400V/20kV. Since 11/2021, island’s power system is interconnected with the main power system of Greece through a submarine cable of 2x200MVA capacity at 150kV. It should be mentioned that till the end of 2024 a second larger interconnection of 1GW (DC submarine cable) with Greek Power System will be completed. In parallel, five (5) energy storage project (batteries and pump hydro units) of 120MW and new small-scale PVs (400kW) of 140MW in total has been approved to be installed till the end of 2024. The local steam and combine cycle units mainly supply the baseload, using crude oil as main fuel. The Gas turbines normal-

ly supply the daily peak load, using diesel as fuel. These units have a high running cost that significantly increases the average cost of the electricity being supplied, which varies from 120-300€/MWh and 420,000,000€ in total, whereas produce over than 1.8Mtonnes of CO2 emissions.

egarding the future energy demand, a considerable annual increase of electricity demand, up to 5%, has been forecasted for the coming years, which is estimated to reach 4.8TWh till 2030. According to Greek national energy and climate plan (NECP), RES should penetrate up to 80% of the electricity energy balance by 2030, from 40% today. Electricity is becoming a significant mean of energy production and use, expanding its services by substituting conventional energy sources, penetrating almost every sector, such as transport, heating/cooling, etc. Consequently, there is an urgent need for further RES power generation expansion up to 1.5GW in collaboration with extensive electricity storage technologies deployment (i.e. batteries and pump hydro up to 600MW/2000MWh) and of course a new zero emission fuel, such as green hydrogen (H2). ENERGY BALANCE OF 2022 The annual energy consumption during 2022 surpassed 3.2TWh compared to the modest 280GWh of year 1975. The annual peak load demand of 660MW occurred at 18:00 on 25/8/2022, and the minimum spring valley hours demand of 177MW occurred at 2:00 on 1/4/2022, which is equal to 26.8% of the corresponding peak. According to the data retrieved by local TSO and DSO, the annual electricity demand of 2022 was 3.23TWh. This demand was cover by 64% from local oil-fired power plants, by 23.2% from local RES and by 12.8% from imports through interconnection. It should be noted that RES penetration reached 68.9% of island’s power balance at 3:00 on 18/10/2022

H2CRETE PROJECT The H2Crete is located in Crete, in an area beside Atherinolakos’ Power Plant, already characterized as energy hub. Crete could be the structural pillar of green energy transmission to Europe. Crete could be the connecting link between Africa and Europe. The contemporary energy maps show it as the first energy and hydrogen distribution station in Europe

he H2CRETE project plot area of privately owned 16.000 square meters, is strategically situated within a radius of 350m of the East Med decompression station, by the Public Power Corporation power plant which was inaugurated as a power plant in 2009. The location is selected due to its industrial suitability and remoteness to inhabited areas, as well as its optimal proximity to the designated pipeline and the power plant, to supply the pipeline with energy and hydrogen injections efficiently, without the requirement of hydrogen compression or transport, which drastically lowers the cost of hydrogen input. The H2CRETE installed capacity of 100MW electrolyzers will give a constant supply of green hydrogen, which will produce and inject electricity to the grid up to 520GWh per year. The project will contribute more than 16% in the island energy annual balance that results on more than 450,000 tones CO2 emission reduction. To conclude, green hydrogen production from excess renewable energy (such as solar or wind power) offers the most promising carbon-neutral pathway towards a cleaner and sustainable energy future, and the H2CRETE project is strongly align with this target, both due to its innovative technology and due to its representative location.

64%

12.8%

23.2%

Local Power Plants

Imported Electricity

Local RES

2022

64%

Annual Load: 3,23 TWh

ELECTRIC ENERGY BALANCE

Local Production from Oil-fired Power Plants

Hourly Data Base Analysis

Power System

CRETE

12,8%

Interconnected since Nov 2021

Max Import Power 150MW & Max Export Power 75MW

Max Contribution Level : 55% Total Imported Energy: 417 GWh Total Exported Energy : 4 GWh

23,2%

Wind & PVs

Local RES

PP1 Atherinolakkos 195 ΜW PP2 Linoperamata 279 MW PP3 Xilokamara 329 MW

Net Imported Electricity

Max RES Power Production: 232MW Max RES Penetration Level: 68.9%

AC Interconnection 2x200 MVA Valtage 150 kV Length 132 km

ieecc.hmu.gr ieecc@hmu.gr +30 2810 379793

Wind Parks Capacity 210 ΜW Photovoltaics Capacity 120 MW

Estavromenos University Campus, 71410 Heraklion, Crete, Greece Google Maps

The Power of Information: Media, Renewable Energies, and Hydrogen in the New Age! the dynamically changing and complex world of energy, proper information of becomes increasingly critical. Renewable energy sources and hydrogen Iarencitizens two of the most important elements of this dynamic, and the media must play their role responsibly and accurately.

irstly, the media should focus on providing accurate, objective, and comprehensible information about renewable energy sources, such as solar, wind, hydroF electric, and biomass. The benefits, costs, and challenges of these technologies

should be highlighted in a transparent and comprehensible manner, so that citizens fully understand the choices they have. the media should focus on the role of hydrogen as an alternative energy source, pointing out its possibilities, but also the technical and economic obstaSclesecondly, that need to be overcome.

inally, the media must provide a comprehensive picture of how the world is transforming in the energy sector. From the policies and strategies adopted at F national and international levels, to the trends and developments recorded around the world, citizens must have full and accurate information.

n conclusion, the media play a crucial role in informing citizens about renewable energy sources, hydrogen, and developments in the energy sector. Only through Iaccurate, objective, and complete information can citizens make informed deci-

sions for their future and the future of the planet. However, it is not only the responsibility of the media to provide accurate and comprehensible information, but also of the businesses involved in the energy sector to take part in this dialogue.

good example of this collaboration is the company ProEuropean, which has taken the initiative to establish a special team to inform the public about developAments in the field of renewable energy sources and hydrogen. Through its educational and informational campaigns, ProEuropean contributes to better informing the public, encouraging the active participation of citizens in the significant decisions concerning their energy consumption and the future of the planet.

Vasileios K. Sarrigiannidis Digital Marketing Strategist www.inception.site

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