Bloomberg: Saudi Arabia to set up $10 billion low-carbon fuel company

Bloomberg reported that the kingdom is preparing to launch billions of dollars in investments in hydrogen and will launch a new company to produce the much-touted low-carbon fuel, according to people familiar with the matter.

The sources, who asked not to be identified because the information is private, said that the Public Investment Fund has set up a company called Energy Solutions Company to finance the production of green hydrogen energy.

The people said that the Public Investment Fund expects the company to invest at least $10 billion, although that number could grow significantly in the coming years depending on demand for hydrogen and its investment pipeline.

The people said that the newly created company, which is expected to be headed by Cord Landsman, the former CEO of Thyssenkrupp Uhde, could be officially announced as soon as this month. It will be controlled and financed by the Public Investment Fund, the powerful sovereign investor leading many of the kingdom’s economic diversification efforts.