TECO2030 signs strategic cooperation agreement with Al Misehal Group in the Kingdom of Saudi Arabia (KSA).
The strategic cooperation agreement aims to result in a Joint Venture between the parties with the purpose of conducting business which will reduce environmental impact in the KSA.
The parties will form a joint venture for operations in Saudi Arabia. Fuel cell stacks will be manufactured at the TECO2030 Innovation Center in Narvik, and fuel cell modules with a power output capacity of 400 kW will be manufactured at a later date in the Kingdom of Saudi Arabia. Further a full sales and marketing department will be established to conduct business within the region.
The cooperation is built to contribute towards the KSA’s “Vision 2030” with an ultimate goal of achieving net zero by 2060. The TECO2030 and Al-Misehal partnership aspires to be the region’s leading supplier of zero-emission hydrogen-based fuel cells, with the goal of converting various power sources to zero-emissions. The vision is based on three themes: a thriving economy, a vibrant society, and an ambitious nation. This strategic cooperation will be a rewarding partnership in terms of knowledge sharing, economic growth, and innovative thinking for achieving the ultimate goals of the net zero vision.
Green hydrogen, according to the parties, will be critical in achieving the United Nations’ Sustainable Development Goals. In this regard, Saudi Arabia is a forerunner in terms of innovation and new thinking, as well as a leading country in terms of innovative value creation.
“This marks the beginning of a fruitful cooperation with Al-Misehal Group with a goal of supplying the region with leading marine and heavy-duty fuel cells. We could not be more satisfied with our strategic partner, and we are looking forward to collaborating towards Saudi’s Vision 2030”, says Tore Enger, Group CEO, TECO2030.
“We look forward to working with TECO2030 on the fuel cell deployment in KSA to manufacture heavy-duty hydrogen fuel cell units and transfer knowledge to the local workforce in the OXAGON Industrial City within NEOM. This joint venture is in line with the Kingdom’s Vision 2030, and a major milestone in achieving net zero carbon in 2060,” said Adnan Al-Misehal, Al Misehal Group Chairman.
