Green and blue are mentioned here, but this might be one to watch.
https://www.hydrogeninsight.com/production/saudi-arabia-to-funnel-at-least-10bn-into-low-carbon-hydrogen-via-new-subsidiary-report/2-1-1720965
Saudi Arabia to funnel at least $10bn into low-carbon hydrogen via 'new' subsidiary: report
That figure could rise significantly, depending on demand, says Bloomberg
Rachel Parkes
Deputy Editor
Published 8 October 2024, 08:30
Saudi Arabia is planning to pour billions of dollars into clean hydrogen via a little-known subsidiary of its sovereign wealth fund, with the “new” company headed up by a former executive from German industrial conglomerate Thyssenkrupp, according to reports.
The Energy Solutions Company (ESC), owned by the kingdom’s Public Investment Fund (PIF), will be used to invest at least $10bn in low-carbon hydrogen production, according to Bloomberg, citing people familiar with the matter.
This figure could rise significantly in coming years, depending on demand for clean H2.
And some investments from ESC are set to be made with state oil firm Saudi Aramco, which is currently tasked with delivering the kingdom’s ambitions to deliver 15% of the world’s blue hydrogen (made with fossil gas and carbon capture and storage).
The obscure subsidiary has no visible web presence but appears to have been in existence since at least June last year, when PIF congratulated it on becoming a 6% shareholder in German electrolyser maker Thyssenkrupp Nucera, which is 50% owned by its holding company Thyssenkrupp AG.
Nucera is supplying its alkaline electrolysis system for the giant Saudi Arabia-based 2.2GW Neom project currently being developed by industrial gas firm Air Products, renewables developer ACWA Power and the Saudi government.
ESC is reportedly set to be headed up by Cord Landsmann, a former executive from Thyssenkrupp AG’s chemicals arm, who has been employed by PIF since February and recently posted online about launching a “pioneering company” with the sovereign wealth fund.
The “new” company is set to be unveiled at the end of October, Landsmann said in his post on LinkedIn.
“2024 has been a whirlwind of planning and strategy, and the team and I are bursting with excitement to unveil what we have been working on,” he said. “I am truly honoured to lead this international team mandated to catalyse tangible action.”
Neither Landsmann nor PIF had responded to requests for comment from Hydrogen Insight at the time of writing. Thyssenkrupp Nucera declined to comment.
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