Renewable Innovations, Inc. (RI), a leader in the zero-carbon, green solutions alternative fuel industry, announces that it has signed an agreement for the creation of a joint venture with MENA Holdings, LLC to establish an assembly facility in the Kingdom of Saudi Arabia to build hydrogen fuel cell products for distribution in the Middle East and North Africa. MENA has expressed that there is significant interest in hydrogen in the Middle East with substantial funding available for this market.
Renewable Innovations products are expected to be a source of power generation from this green hydrogen production. The MENA Group has over 15 years of experience doing business in Saudi Arabia. The former governor for the State of Utah, Gary Herbert, a partner of MENA Holdings, recently visited the Kingdom of Saudi Arabia as a guest of the current Saudi Ambassador to the United States, Princess Rema.
Under the terms of the joint venture agreement, Governor Herbert will serve as an advisor to Renewable Innovations. Abdulrahman Alnasri, a partner of MENA Holdings, is a Saudi National who 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. In addition to the Middle East connection, the company will receive the added benefit from former Governor Herbert’s experience as an advisor to Renewable Innovations,” states Robert Mount, President, and CEO of 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,” commented Abdulrahman Alnasri, partner of MENA Holding, LLC.