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PIF hydrogen company to launch by month-end

2 October 2024

 

The Public Investment Fund's (PIF) newly formed Energy Solutions Company (ESC) is expected to officially launch by the end of October.

ESC, which may not be the entity's final name, is expected to become Saudi Arabia's "national champion … in low-carbon hydrogen production, storage, transportation and marketing services and solutions", MEED reported in July.

"The launch is tentatively set for the end of October," sources familiar with the plans told MEED.

Cord Landsmann, former chief executive of Germany's Thyssenkrupp Uhde, is understood to have moved to head ESC.

In a social media post in early August, Landsmann indicated that he is in Riyadh as "the CEO of a pioneering company soon to be launched by the PIF, aligned with the inspiring Vision 2030".

Landsmann stopped short of specifying his new affiliation with ESC.

ESC is expected to "own and operate green hydrogen projects in the kingdom, low-carbon hydrogen current and planned infrastructure, as well as the global marketing of its products, all underpinned by stringent targets in terms of [the] localisation of technology, skills and [the] supply chain ecosystem". 

In addition to driving the development of the green hydrogen market in the kingdom, ESC will also co-invest with Saudi Aramco in the state energy giant's blue hydrogen developments.   

There are at least three green hydrogen projects in the conceptual design or study stage in Saudi Arabia.

All three have the PIF as their main partner or one of their partners.

The projects include schemes planned by teams separately led by France's Engie, Japan's Marubeni and South Korea's Posco. 

The world's largest integrated green hydrogen and ammonia production facility is under construction in Neom in Saudi Arabia's northern region.

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Jennifer Aguinaldo

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