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Saudi Arabia is poised to make a multibillion-dollar investment in green hydrogen, with plans to establish a new company dedicated to producing the low-carbon fuel, reported Bloomberg, citing sources.
This initiative is part of the kingdom’s broader strategy to diversify away from oil and gas while maintaining its status as a key global energy supplier.
The sovereign wealth fund of Saudi Arabia, chaired by Crown Prince Mohammed bin Salman, has initiated the formation of Energy Solutions, the sources said.
This entity will focus on financing green hydrogen power production, a move that aligns with the kingdom’s economic diversification efforts led by the Public Investment Fund (PIF).
According to the sources, the launch of the new company, expected to be announced soon, will see former Thyssenkrupp Uhde CEO Cord Landsmann at the helm.
PIF anticipates the company will invest a minimum of $10bn, with the potential for this amount to increase in the future based on hydrogen demand and its investment opportunities, they added.
