Saudi Arabia Plans To Invest Billions Of Dollars in Developing Hydrogen Energy

Saudi Arabia is reportedly set to spend billions of dollars on developing hydrogen energy and will set up a new company to produce the much-anticipated low-carbon fuel. The Saudi Public Investment Fund (PIF) has reportedly set up a company called Energy Solutions to finance green hydrogen production. The PIF expects the company to invest at least $10 billion, but that figure could grow significantly in the coming years, people familiar with the matter said. The new company, which will be formally announced as soon as this month, is expected to be helmed by Cord Landsmann, former chief executive of ThyssenKrupp Wood, people familiar with the matter said.