Saudi Arabia is said to plan $10B investment in hydrogen
Saudi Arabia has launched Energy Solutions Co., a company under its sovereign wealth fund to finance green hydrogen production, according to Bloomberg. Led by former Thyssenkrupp Uhde CEO Cord Landsmann, the startup aims to invest at least $10 billion, potentially more depending on demand. Saudi Aramco will also contribute. The kingdom plans to become a top global hydrogen supplier for carbon-free energy.
Saudi Arabia started a company to finance the production of hydrogen as a clean-energy source, Bloomberg News reported Monday, citing people familiar with the matter.
The oil-rich kingdom’s sovereign wealth fund created Energy Solutions Co. to invest in what’s known as green hydrogen power production. Former Thyssenkrupp Uhde chief executive Cord Landsmann is expected to lead the new company.
The Public Investment Fund estimates the startup will invest at least $10 billion, and the number may grow depending on the demand for hydrogen. State oil producer Saudi Aramco will participate in some of the investments, Bloomberg News reported, citing its sources.
Saudi Arabia seeks to become a leading supplier of hydrogen, which produces water when burned and is carbon-free. The “green” variety of the energy source is made from water and renewable power. The fuel has been touted as a carbon-free source of power for energy-intensive industries such as manufacturing.
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