Saudi Arabia is building a $5 billion hydrogen plant which is expected to finish by 2025, as demand for renewable energy increases.
Dutch business executive and former CEO of German energy firm RWE AG Peter Terium leads the execution of the Kingdom’s goal, which is heavily dependent on the petroleum market.
Terium said, “I’ve been spending the last two years wrapping my mind around ‘from scratch,’ and now we’re very much in execution mode,” Bloomberg reported.
“By no means will they be able to produce all the hydrogen themselves. There’s just not enough North Sea or usable water for offshore wind.” Terium added.
The Gulf state is also partnering with Acwa Power, a Riyadh-based power company and Air Products and Chemicals Inc., based in Pennsylvania for building the plant which will utilize solar and wind energy.
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