RIYADH: ACWA Power, a prominent player in Saudi Arabia’s energy transition efforts, is set to further its collaborations in the fields of green hydrogen, water desalination, and research and development through a series of newly inked agreements with six Italian companies.
These partnerships were formalized at the Saudi-Italian Investment Forum held in Milan on Sept. 4, according to a statement.
The six Italian entities include the small, medium, and large enterprises federation Confindustria, major energy firm Eni, and utility and waste management firm A2A.
The remaining three firms are industrial solutions provider Industrie De Nora, specialty additives manufacturer Italmatch Chemicals, and classification and engineering solutions provider RINA.
According to ACWA Power CEO Marco Arcelli, this move will lead to greater localization of Italian firms in the Kingdom and establish the foundation for a robust partnership in research and development.
The deal also cements ACWA Power’s goal to create transformative opportunities for Italian and European enterprises in Saudi Arabia while driving sustainable progress by supplying green hydrogen as well as technical expertise, Arcelli explained.
“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 CEO said.
He added: “The collaboration between ACWA Power and our Italian counterparties will enable the exchange of crucial expertise, products, and equipment.”
Under the terms of the agreement, Confindustria will assess with ACWA Power the potential for developments of green hydrogen and water desalination projects.
Similarly, Eni and ACWA Power will examine collaboration opportunities in green hydrogen, renewables, in addition to research and development in innovative, sustainable technologies.
On the other hand, A2A and ACWA Power will evaluate the possibility for green hydrogen projects in their areas of mutual interest as well as imports of the fuel to the European country.
Moreover, RINA and ACWA Power will investigate potential use of green hydrogen and its derivatives in sea-borne shipping.
As for Industrie De Nora, it will offer its expertise in electrochemistry and sustainability technologies to elevate from ACWA Power’s portfolio of water desalination projects. The two parties will also explore potential partnership in operations and maintenance in green hydrogen applications.
Meanwhile, Italmatch Chemicals and ACWA Power will explore the potential for localization in the Kingdom of the production of water treatment products with long-term supply agreements to its operations. Both sides will also work on tapping research and development related opportunities.
The Saudi-Italian Investment Forum is jointly hosted by the Kingdom’s Ministry of Investment, Italy’s Ministry of Enterprises and Made in Italy.
The forum marks a significant step in bolstering bilateral ties, with the participation of key stakeholders from various governmental and private sectors from both countries.