To assess potential developments for green hydrogen, Saudi’s ACWA Power has signed strategic agreements with six Italian companies.
In addition to green hydrogen, the partnership would also work towards water desalination and research & development. The deal was signed recently during the Saudi-Italian Investment Forum in Milan. The Saudi-Italian Investment Forum, jointly hosted by Saudi Arabia’s Ministry of Investment (MISA) and Italy’s Ministry of Enterprises, is symbolic of the enduring diplomatic relations that span over 90 years between the two nations. Currently, the bilateral trade between these countries amounts to approximately US$11 billion.
In a statement, ACWA Power said that it has partnered with small, medium and large enterprises federation Confidustria to assess potential developments for green hydrogen and water desalination projects.
It signed a deal with major energy firm Eni to cooperate on green hydrogen and renewables, while its partnership with utility and waste management firm A2A will focus on green hydrogen projects potential in their areas of mutual interest and its imports in Italy.
ACWA Power also signed a deal with engineering solutions provider RINA for the potential use of green hydrogen and its derivatives for sea-borne shipping.
Besides, industrial solutions provider Industries De Nora will provide its expertise to improve ACWA Power’s water desalination projects and work jointly in the operations and maintenance of green hydrogen applications. They will also jointly explore potential cooperative efforts, including operations and maintenance, within the realm of green hydrogen applications.
Marco Arcelli, Chief Executive Officer of ACWA Power said, “We look forward to bringing together Saudi Arabia, home of one of the largest decarbonisation programs in the world, with a rapidly expanding and diversifying economy, and Italy, one of the most competitive engineering, manufacturing and technology suppliers globally. The collaboration will enable the exchange of crucial expertise, products, and equipment.”
“We hope this cooperation can lead to greater localisation of Italian companies in Saudi Arabia and establish the foundation for a powerful partnership in research and development. We have the ambition to make ACWA Power a vehicle to create transformative opportunities for Italian and European enterprises in Saudi Arabia and to drive sustainable progress in Italy and Europe by supplying green hydrogen and technical expertise,” added Arcelli.
The firm further said that with their extensive network of 222 associations and over 150,000 affiliated companies, Confindustria and its partner organizations will collaborate closely with ACWA Power. “ Together, they will explore the possibilities for advancing green hydrogen and water desalination projects. This collaborative effort will encompass tasks such as identifying well-suited contractors and suppliers, conducting research and development (R&D) activities, and forging enduring supply and manufacturing partnerships,” said the firm.