Siemens Group and RIC Energy have signed a memorandum of understanding to jointly develop projects related to renewable hydrogen, green ammonia, and synthetic fuels in Spain. The agreement is part of the Compostilla Green project, located in Cubillos del Sil, which was ranked as the top initiative under the Hydrogen Valleys programme.
A cross-sector partnership structured around technology and financing
The agreement involves several Siemens Group entities, including Siemens S.A., Siemens Industry Software, Siemens Financial Services, and Siemens Innovation Strategies. The partnership covers both technical and financial aspects, with a particular focus on developing joint solutions and exploring structured financing mechanisms for the projects.
The two companies aim to improve operational efficiency, industrial decarbonisation, site safety, and the advanced digitalisation of infrastructure. These priorities form part of a long-term industrial deployment strategy supported by digital technologies and integrated financial approaches.
Large-scale projects across two Spanish industrial regions
In addition to Compostilla Green, the agreement also includes the Besaya project, located in Torrelavega in the Cantabria region. This second site is aligned with the development of sustainable industrial fuels and aims to mobilise new technological and logistical capacities in the region.
Both partners plan to implement a joint communication strategy to highlight the economic impact of these projects on the regions involved. They are also considering the establishment of vertically integrated consortiums to facilitate execution of the planned initiatives.
Strengthening industrial cooperation in alternative fuels
The leaders of both companies welcomed the formalisation of this alliance. José Luis Moya, Chief Executive Officer of RIC Energy, described the agreement as an opportunity to “accelerate the deployment of transformative projects in the field of hydrogen and its derivatives”.
Fernando Silva, Chief Executive Officer of Siemens Spain, stated that the partnership confirmed the group’s commitment to “supporting large-scale industrial initiatives in Spain within the sustainable fuels sector”. Discussions are ongoing to define the next steps in operational development and institutional structuring.
