Hyzon Motors and Modern Industrial Investment Holding Group announced the signing of a memorandum of understanding (MoU) with NEOM Company for the construction of a vehicle assembly plant in NEOM, Saudi Arabia’s $500 billion giga-project in the northwest.
NEOM is committed to being completely sustainable by 2030, powering itself entirely with renewable energy and emitting zero emissions. In NEOM, a green hydrogen ecosystem would be critical for both renewable energy export and net-zero carbon power and transportation technologies.
Several global companies have already committed to investing more than $5 billion in NEOM, the world’s largest hydrogen production facility, to manufacture green hydrogen. NEOM is projected to become one of the world’s most densely populated areas for green hydrogen production and investment.
Hyzon aspires to be a leader in supplying heavy-duty commercial fleet vehicles to NEOM, which will serve as a showcase for the rest of the Kingdom and beyond.
Over the next 18 months, Hyzon, Modern Group, and NEOM Company will collaborate together to finalize plans and requirements for the new regional assembly plant, which will have an annual capacity of up to 10,000 vehicles. Hyzon and Modern Group plan to form a joint venture company, Hyzon Motors Middle East (ME), to help with the construction of the new plant. Hyzon Motors Middle East (ME) will concentrate on supplying locally-built, Hyzon-branded zero-emission commercial vehicles across Saudi Arabia and the Gulf Cooperation Council (GCC).
NEOM is part of Saudi Arabia’s Public Investment Fund’s world-class, diversified portfolio, which is one of the world’s largest sovereign wealth funds.