ACWA Power, a prominent Saudi-listed company renowned as the world’s foremost private water desalination enterprise and a pioneering force in energy transition with a strong foothold in green hydrogen, has formalized strategic accords with six esteemed Italian counterparts. This momentous collaboration was forged during the Saudi-Italian Investment Forum in Milan on September 4th, enhancing mutual cooperation across the domains of green hydrogen, water desalination, and cutting-edge research and development initiatives.
The group of six Italian entities encompasses a diverse range of partners, including the Federation of Small, Medium, and Large Enterprises, known as Confindustria, the prominent energy giant Eni, the versatile utility and waste management company A2A, the industrial solutions expert Industrie De Nora, the specialist additives manufacturer Italmatch Chemicals, and the classification and engineering solutions provider RINA.
Marco Arcelli, Chief Executive Officer of ACWA Power said,”We look forward to bringing together Saudi Arabia, home of one of the largest decarbonization programs in the world, with a rapidly expanding and diversifying economy, and Italy, one of the most competitive engineering, manufacturing and technology suppliers globally. The collaboration between ACWA Power and our Italian counterparties will enable the exchange of crucial expertise, products, and equipment.
We hope this cooperation can lead to greater localisation of Italian companies in Saudi Arabia and establish the foundation for a powerful partnership in research and development. We have the ambition to make ACWA Power a vehicle to create transformative opportunities for Italian and European enterprises in Saudi Arabia and to drive sustainable progress in Italy and Europe by supplying green hydrogen and technical expertise.” added Arcelli.
Leveraging their extensive network of 222 associations and over 150,000 affiliated companies, Confindustria and its partner organizations will collaborate closely with ACWA Power. Together, they will explore the possibilities for advancing green hydrogen and water desalination projects. This collaborative effort will encompass tasks such as identifying well-suited contractors and suppliers, conducting research and development (R&D) activities, and forging enduring supply and manufacturing partnerships.
Eni and ACWA Power are set to embark on a joint exploration of collaborative opportunities spanning green hydrogen, renewable energy initiatives, and pioneering research and development endeavors in sustainable technologies. Meanwhile, A2A and ACWA Power will engage in a thorough evaluation of prospective green hydrogen ventures within their shared interests and contemplate the feasibility of importing green hydrogen into Italy. In a separate venture, RINA and ACWA Power will delve into the potential applications of green hydrogen and its derivatives in the maritime shipping sector.
Industrie De Nora will bring its specialized proficiency in electrochemistry and sustainable technologies to the table, enhancing ACWA Power’s portfolio of water desalination projects. Additionally, they will jointly explore potential cooperative efforts, including operations and maintenance, within the realm of green hydrogen applications.
Italmatch Chemicals and ACWA Power are embarking on an exploration of opportunities to potentially establish localized production of water treatment products in Saudi Arabia. These endeavors would include the establishment of long-term supply agreements to serve ACWA Power’s operations. Moreover, both parties intend to delve into collaborative prospects in the realms of research and development while fostering knowledge exchange.
The Saudi-Italian Investment Forum, jointly hosted by Saudi Arabia’s Ministry of Investment (MISA) and Italy’s Ministry of Enterprises, is emblematic of the enduring diplomatic relations that span over 90 years between the two nations. At present, bilateral trade between these countries amounts to approximately US$11 billion.
