A financial consortium led by Diplomatic Trade, Q Finance and ARC Capital has opened preliminary talks with Turkish officials for the establishment of foreign direct investment (FDI) in hydrogen fuel cell technology and projects supporting the implementation of hydrogen fuel cells, powering commercial shipping and other strategic uses.

Specifically, the consortium is interested in developing comprehensive project implementation in the areas of maritime shipping propulsion technology, derived through the use of hydrogen fuel cells, as informed by Benjamin Ballout, lead spokesman for the investment consortium and chairman of Diplomatic Trade.

The Turkish government has reportedly expressed considerable support for renewable energy and particularly, the implementation of new H2-based fuel-cell technologies in the country.

Financial, tax, trade and other incentives are provided by current Turkish legislation and during preliminary talks with governmental officials, the consortium found that the Turkish government has a robust menu of benefits offered to foreign investors who wish to focus on particular areas of renewable energy and more specifically, hydrogen-based projects and technology.

Benjamin Ballout and his Turkish associate, Umit Ertin, stated that initial talks have proven to be very encouraging. The partners are developing a feasibility study and collecting research information required to proceed towards the next concrete steps required for the implementation of foreign direct investment — supporting solar/hydrogen projects and technology.

The FID will be focused on maritime shipping and the utilization of hydrogen fuel cell-powered propulsion technologies.