Renewable Innovations Inc., a zero-carbon, green solutions alternative fuel provider based in Lehi, has signed an agreement for the creation of a joint venture with MENA Holdings LLC to establish an assembly facility in Saudi Arabia to build hydrogen fuel cell products for distribution in the Middle East and North Africa.
MENA Holdings is a Utah company focused on investing in the Middle East and North Africa with 15 years of experience in the area. The company has several divisions including one focused on renewable energy. Partners in MENA include former Gov. Gary Herbert, Scott Holmes, Abdulrahman Alnasri and{mprestriction ids="1,3"} Jeff Holmes as managing partner. Alnasri is a Saudi national who serves as a partner of MENA Holdings inside that country.
The partnership evolved from MENA’s belief that there is significant interest in hydrogen in the Middle East with substantial funding available for this market, a joint release from the two companies said. Renewable Innovations products are expected to be a source of power generation from the green hydrogen production of the new plant.
Under terms of the joint venture agreement, Herbert will serve as an advisor to Renewable Innovations. Alnasri will play a strategic role in funding the joint venture. Full terms of the agreement have not been disclosed, but investment in the joint venture will be used to purchase products from, and potentially make an investment in, Renewable Innovations.
“This is a unique opportunity to combine the talents of two local Utah companies to introduce our products into the Middle East and benefit from MENA Holdings’ long-term relationship with key players in the region,” said Robert Mount, president and CEO of Renewable Innovations. “In addition to the Middle East connection, the company will receive the added benefit from former Gov. Herbert’s experience as an advisor to Renewable Innovations.”
“Our years of distribution experience and established contacts in the Middle East place us in a position to take advantage of the growing interest in hydrogen in these markets through this strategic joint venture with Renewable Innovations. Assembling hydrogen fuel cell products in Saudi Arabia will be a huge advantage in Saudi and regional markets,” said Alnasri.
Renewable Innovations is a global hydrogen and fuel cell integration solutions provider with divisions across the U.S. and regional offices in Europe and Auckland, New Zealand.{/mprestriction}
