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Renewable Innovations (REII) and MENA Holdings, both US-based companies, have signed an agreement to establish an assembly facility in Saudi Arabia for hydrogen fuel cell products for distribution in the Middle East and North Africa (MENA).
MENA Holdings is a Utah company with several divisions including one focused on renewable energy while REII, also Utah-based, is a global hydrogen and fuel cell integration solutions provider.
Under terms of the joint venture agreement, former governor for the State of Utah and a partner of the MENA Holdings Gary Herbert will serve as an advisor to REII.
Abdulrahman Alnasri, a partner at MENA Holdings and a Saudi national 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.
(Writing by Sowmya Sundar; Editing by Anoop Menon)
