American firm Renewable Innovations, dealing in the zero-carbon and green solutions alternative fuel industry, has signed an agreement to form a joint venture with MENA Holdings, LLC for building an assembly facility in the Kingdom of Saudi Arabia. This facility will produce hydrogen fuel cell products for distribution in the Middle East and North Africa.
MENA informed that the Middle East market is quite hopeful about hydrogen and due to significant interest there is substantial funding available for this market.
It is expected that the products from Renewable Innovations will be a source of power generation from this green hydrogen production. The MENA Group has presence in Saudi Arabia for over 15 years. Recently, the former governor recently visited the Kingdom of Saudi Arabia as a guest of the current Saudi Ambassador to the United States, Princess Rema.
As per the pact, Governor for the State of Utah, Gary Herbert, a partner of the MENA Holdings, will serve as an advisor to Renewable Innovations. While, Abdulrahman Alnasri, a partner of MENA Holdings and a Saudi National will play a strategic role in funding the joint venture. Though the details of the MoU has not been revealed but investment in the joint venture will be used to purchase products from Renewable Innovations and potentially make an investment in, the same.
“This is a unique opportunity to combine the talents of two local Utah companies to introduce our products into the Middle East and benefit from MENA Holdings’ long-term relationship with key players in the region. In addition to the Middle East connection, the company will receive the added benefit from former Governor Herbert’s experience as an advisor to Renewable Innovations,” pointed out Robert Mount, President and CEO of Renewable Innovations.
“Our years of distribution experience and established contacts in the Middle East place us in a position to take advantage of the growing interest in hydrogen in these markets through this strategic joint venture with Renewable Innovations. Assembling hydrogen fuel cell products in Saudi Arabia will be a huge advantage in Saudi and regional markets,” noted Abdulrahman Alnasri, partner of MENA Holding, LLC.