AFC Energy has signed a non-binding Memorandum of Understanding (MoU) with Altaaqa Alternative Solutions, headquartered in Saudi Arabia.
The MoU is expected to advance discussions between both companies towards a long-term exclusive dealership relationship whereby Altaaqa will initially promote and distribute AFC Energy fuel cell systems across the Kingdom of Saudi Arabia, prior to the MENA regions.
A strategic partnership with Altaaqa is expected to drive new investment into hydrogen fuel cell technology hence promoting a changed energy mix in the region’s power rental industry, and have the potential for expansion into local distribution, assembly and marketing of AFC Energy systems by Altaaqa.
Reducing reliance on fossil fuel and associated power generation is a key pillar of the Kingdom’s Vision 2030 strategic framework, which seeks to transition Saudi Arabia away from its incumbent dependence on oil, diversify its economy, and develop public service sectors such as health, education, infrastructure, recreation, and tourism. Crown Prince Muhammad Bin Salman recently unveiled the Saudi Green Initiative and the Green Middle East Initiative, an ambitious road map that targets a 60% reduction in the region’s carbon emissions.