| | APRIL 20238IN FOCUSRENEWABLE INNOVATIONS AGREES JOINT VENTURE AGREEMENT WITH MIDDLE EAST FIRM MENA HOLDINGS, LLCNEOGEN AGREES PACT WITH JAPAN'S MUIS TO BUY MANUFACTURING TECH LICENSEAn assembly facility will be established in the Kingdom of Saudi Arabia to build hydrogen fuel cell products for distribution in the Middle East and North Africa, according to a joint venture agreement signed by Renewable Innovations and MENA Holdings, LLC. Renewable Innovations is a pioneer in the zero-carbon, green solutions alternative fuel industry. According to MENA, the Middle East has a sizable amount of financing accessible for this industry and there is a big amount of interest in hydrogen.Power generation from this eco-friendly hydrogen manufacturing is anticipated to come from Renewable Innovations products. The MENA Group has been conducting business in Saudi Arabia for more than 15 years. Former Utah governor and MENA Holdings partner Gary Herbert recently travelled to the Kingdom of Saudi Arabia as a guest of Princess Rema, the Saudi ambassador to the United States.The joint venture agreement specifies that Governor Herbert will advise Renewable Innovations. Saudi national Abdulrahman Alnasri, a partner of MENA Holdings, will play a crucial role in financing the joint venture. The agreement's full terms have not been made public, but investments made in the joint venture will be used to buy items from Renewable Innovations and maybe to invest in them as well."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," states 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", commented Abdulrahman Alnasri, partner of MENA Holding, LLC. Manufacturers of specialty chemicals Neogen Chemicals (Neogen) said that they had reached an agreement with the Japanese company MU Ionic Solutions Corporation to obtain a production technology licence for electrolytes in India.A subsidiary of the Japanese corporation The Mitsubishi Chemical Group, MU Ionic Solutions (MUIS) is a joint venture between Mitsubishi Chemical Corporation (MCC) and UBE Corporation.According to the terms of the contract, Neogen will get a licence from MUIS to use its patented and confidential manufacturing technology to produce its electrolyte solutions at a plant in India with an installed capacity of up to 30,000 tonne per year.Neogen will concentrate on these electrolytes to satisfy the rising demand of Indian makers of lithium-ion cells."Initially we had evaluated a capex of Rs.450 crore with our own technology for an installed capacity of 10,000 tonne per annum. With this agreement, we now have the capability to go up to 30,000 tonne per annum", Neogen Chemicals Managing Director Harin Kanani told reporters.As per him, the company must now determine how many stages it will take to reach this 30,000 tonne capacity annually and examine the technological differences between the two companies to determine the capex that would be needed.By 2025­2026, the business anticipates opening a commercial electrolytes factory in Gujarat using the technical licence, according to Kanani.The company currently runs out of three manufacturing facilities, one each in Mahape, Gujarat; Dahej SEZ, Bharuch; and Karakhadi, Vadodara.The projected revenue for Neogen in 2022­2023 is between Rs.650­700 crore."With our technology, we have estimated 10,000 tonne of business and Rs.1,000-1,200 crore revenue by FY26-FY27. Now with this announcement, we will again have to revisit capex and also have to revise our revenue guidance along with it'", he noted.
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