Hyzon Motors Inc. (“Hyzon”), a major international provider of zero-emission hydrogen gas cell-powered industrial vehicles, together with Modern Industrial Investment Holding Group (“Modern Group”), a Saudi industrial conglomerate, announced the signing of a memorandum of understanding (MoU) with NEOM Company to build a car assembly center in NEO. This is a $500 billion giga-project based out of northwest Saudi Arabia.
NEOM is dedicated to getting fully renewable, powering itself via using 100% renewable energy and also with net zero emissions by 2030. A green hydrogen ecosystem may play an essential role both for its export of renewable energy and also for net-zero renewable technologies for transportation and power in NEOM. Various worldwide companies have already committed to spend $5 billion to generate green hydrogen into NEOM from the world’s biggest hydrogen manufacturing plant. It’s expected NEOM will develop into an area with among the greatest levels of green hydrogen production and investment on the planet.
Hyzon intends to be in the forefront of providing heavy duty commercial fleet vehicles to NEOM which would work as a showcase into the broader Kingdom and outside.
Hyzon, Modern Group and also NEOM Company intend to work closely within the next 18 months to finalize specifications and plans to its new regional meeting centre, with an estimated yearly capability to build up to 10,000 vehicles. To facilitate construction of this new centre, Hyzon and Modern Group intends to integrate a joint venture firm, Hyzon Motors Middle East (ME), that will concentrate on providing locally-built, Hyzon-branded zero-emission commercial vehicles during Saudi Arabia and the GCC.
NEOM a part of this world, diversified portfolio of Saudi Arabia’s Public Investment Fund, among the biggest autonomous wealth funds on the planet.
Craig Knight, CEO and Co-Founder of all Hyzon Motors, commented: “We watch NEOM among the planet’s most innovative and challenging worldwide decarbonization developments. Hyzon’s technologies is in the forefront of hydrogen-powered automobiles and fuel cell alternatives and has been created over several decades. We’re proud to be partnering with all the Modern Industrial Investment Holding Group to deliver emissions-free vehicles into NEOM along with the area. Hydrogen is an integral fuel to electricity global heavy duty commercial transportation, liberating it from reliance on fossil fuels. This project is showing how for resource-rich GCC nations to accomplish the energy transition, and Hyzon’s partnership with Modern can help to make this a fact.”
Abdulaziz F. Al Hamwah, CEO and Co-Founder of Modern Industrial Investment Holding Group commented: “Modern Group is excited at the possibility of teaming with Hyzon to empower NEOM’s aim of a net zero community, also to localize production of Hyzon’s zero-emission commercial and heavy duty vehicles. However, this is merely the initial step. During our joint venture, Hyzon Motors Middle East, we plan to incorporate hydrogen fuel cell commercial vehicles in to markets throughout the area. This venture is a good step toward making that a reality.”
Roland Kaeppner, Executive Director, Hydrogen & Green Fuels, NEOM Company, stated: “NEOM is growing a multi-level ecosystem and is an ideal place to trigger hydrogen-based engineering and software to be used in NEOM and outside. Given its strategic geographical location and its effect as a lighthouse for invention and future livability, localized production is a pure consequence since NEOM develops. Partnering with Hyzon and Modern Group will expedite NEOM’s self-sufficiency aspirations and is a fantastic chance to showcase hydrogen-electric programs which are crucial to battery electrical solutions, specifically for heavy responsibility and long-lived logistics. We view hydrogen as the most workable way to power the entire world of tomorrow and this is further demonstration of our dedication to making the world’s first internet zero carbon, sustainable town .”
Erik Anderson, CEO of Decarbonization Plus Acquisition Corporation, commented: “Decarbonization Plus Acquisition Corporation was created with the express goal of identifying a company built upon the aim of disruptive innovation to upend present frameworks to decarbonize international businesses. Hyzon is also at its heart, a technology platform using an assortment of downstream software. The hydrogen potential across a vast array of transport use cases — such as heavy duty truck transport, buses and coaches — is unfolding as we’d expected it would, and we couldn’t be more happy to see Hyzon recognized as a top platform to quicken the transport transformation.
Further, we’ve always thought the guarantee would be international. The capability for the Gulf to capitalize on its own plentiful and abundant access to solar and wind to be a pioneer in the evolution of green hydrogen could unlock huge, near-term options with significant business opportunity as international transportation categories quickly seek alternatives to gas and conventional fuels. We’re extremely enthusiastic about the future for this particular energy and also emphasise the Hyzon staff and commend the vision of Modern and NEOM in charting a route to some net-zero future.”
The MoU sets out the present goals of the parties connected to the assembly centre and automobile delivery, but these goals won’t represent binding obligations on any party thereto until definitive arrangements are implemented.