The US-based businesses Renewable Innovations (REII) and MENA Holdings have agreed to create an assembly factory in Saudi Arabia for the sale of hydrogen fuel cell products across the Middle East and North Africa (MENA).
Whereas REII, which is also situated in Utah, is a global provider of hydrogen and fuel cell integration solutions, MENA Holdings, a Utah-based firm, has various divisions, one of which is dedicated to renewable energy.
According to the provisions of the joint venture agreement, Gary Herbert, a former governor of the State of Utah and a partner of MENA Holdings, would advise REII.
Saudi national and MENA Holdings partner Abdulrahman Alnasri will play a crucial role in financing the joint venture.
Although the agreement’s full terms have not been made public, money invested in the joint venture will be used to buy items from Renewable Innovations and may even be used to invest in the company.