An 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.