Saudi Arabia-based industrial conglomerate, Modern Industrial Investment Holding Group along with the global supplier of zero-emission hydrogen fuel cell-powered commercial vehicles, Hyzon Motors has agreed with NEOM Company to develop a vehicle assembly facility in the Kingdom’s $500 billion megacity project.
Under the memorandum of understanding (MoU), Hyzon, Modern Group and NEOM Company plan to work jointly over the next 18 months to finalize plans and specifications for the new regional assembly facility, with an estimated annual capacity to assemble up to 10,000 vehicles.
Further, Hyzon and Modern Group are planning to incorporate a joint venture company, Hyzon Motors Middle East (ME) to accelerate the construction of the new facility which would focus on supplying locally-built, Hyzon-branded zero-emission commercial vehicles throughout Saudi Arabia and the GCC region.
“We are proud to be partnering with the Modern Industrial Investment Holding Group to bring emissions-free vehicles to NEOM and the region. Hydrogen is a key fuel to power global heavy-duty commercial transport, liberating it from dependence on fossil fuels. This project is showing the way for resource-rich GCC countries to achieve the energy transition, and Hyzon’s partnership with Modern will help to make this a reality.”
NEOM is part of the world-class, diversified portfolio of Saudi Arabia’s sovereign wealth fund, Public Investment Fund. The megacity project is committed to becoming fully sustainable, powering itself through the use of 100 percent renewable energy and with net-zero emissions by 2030. It is expected NEOM will become an area with one of the highest concentrations of green hydrogen production and investment in the world.
Abdulaziz F. Al Hamwah, CEO and Co-Founder of Modern Group commented, “Modern Group is excited at the prospect of teaming with Hyzon to enable NEOM’s goal of a net-zero community, and to localize the manufacturing of Hyzon’s zero-emission commercial and heavy-duty vehicles. But this is only the first step. Through our joint venture, Hyzon Motors Middle East, we aim to integrate hydrogen fuel cell commercial vehicles into economies across the region.”
Roland Kaeppner, Executive Director, Hydrogen & Green Fuels, NEOM Company, said that “NEOM is developing a multi-dimensional hydrogen ecosystem and is a perfect location to activate hydrogen-based technologies and applications for use in NEOM and beyond. Partnering with Hyzon and Modern Group will expedite NEOM’s self-sufficiency ambitions and is a great opportunity to showcase hydrogen-electric applications that are complementary to battery-electric solutions, in particular for heavy-duty and long-range logistics.”