U.S.-based IP3 Corporation entered into a memorandum of understanding (MOU) with Gemcorp Holdings Limited and Bulgaria's energy ministry to pursue clean, green energy projects for the production of hydrogen and other industrial processes.
This effort will develop Bulgaria's innovative commercial plan to ensure the energy sovereignty needed to serve its baseload and industrial needs.
The relationship will involve collaboration to lead the transition for energy generation options in the region. Gemcorp and IP3 will provide project development, financial structuring, and funding solutions in a phased approach. The MOU addresses inception, development, financing, and operations that will attract private capital and cutting-edge energy companies to Bulgaria.
"The Government of Bulgaria has developed a plan for their energy future. They are ready to harness new technologies such as hydrogen, renewables and hybrid nuclear systems and their smart energy transition can become a role model for all the Three Seas Initiative countries," explained former U.S. ambassador to Poland and IP3 board member, Georgette Mosbacher.
"Infrastructure investment needs to be radically reoriented. The combined expertise of GHL and IP3 offers the holistic approach required to meet today's environmental, social and governance (ESG) priorities."
"We want industrialized countries to take advantage of new and existing technology to meet 2050 climate goals," said Michael Hewitt, Co-Founder and CEO of IP3. "GHL and IP3 offer a powerful partnership to provide systematic plans to address both power and heat applications while navigating complex supply chains influenced by geopolitics. Working together, we plan to activate capital markets to help Bulgaria's energy sector go through a period of profound change."
Bulgaria's long-term energy security outlook benefits from a plan to drive innovation for a comprehensive approach that includes renewables, hydrogen, biogas and other applications.
IP3 delivers a "buy-side" approach for private enterprises and host nations and pursues the planning, development, financing, and operations of projects providing clean energy technologies. IP3 carries out relevant work as a developer and integrator of nuclear energy programs in coordination with its fully owned subsidiary, Allied Nuclear Partners (ANP). A second subsidiary, IP3 Security, provides physical and cyber security expertise.