Saudi Arabia to invest $10 billion in green hydrogen production

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Click on the top to follow us (WO) - Saudi Arabia is preparing to make a multibillion-dollar bet on hydrogen and will launch a new company to produce the much hyped low-carbon fuel, according to people familiar with the matter. The kingdom’s sovereign wealth fund, chaired by de facto ruler Crown Prince Mohammed bin Salman, has created a company called Energy Solutions Co. to finance green hydrogen power production, the people said, asking not to be identified as the information is private. The Public Investment Fund expects the firm to invest at least $10 billion, the people said, though that number could grow significantly in years to come depending on demand for hydrogen and its investment pipeline. Some investments will be made with state oil producer Saudi Aramco, they said. The newly created company, which is expected to be helmed by former Thyssenkrupp Uhde chief executive officer Cord Landsmann, could be formally announced as soon as this month, the people said. It would ………………………………