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PIF forms New Company for Green Hydrogen Production

Saudi Arabia has launched a new company to finance green hydrogen production. The Public Investment Fund (PIF), chaired by Crown Prince Mohammed bin Salman, has set up Energy Solutions Company to invest at least $10 billion in low-carbon fuel production, the news agency reported, citing sources familiar with the matter.

 

Some of these investments will be made in collaboration with state-owned oil giant Saudi Aramco, a report said.

 

The new company is expected to be led by former Thyssenkrupp Uhde CEO Cord Landsmann and may be officially announced later this month, a report said.

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