Hyzon, Modern Group to build assembly plant for hydrogen-powered vehicles in NEOM

Hyzon, Modern Group to build assembly plant for hydrogen-powered vehicles in NEOM

RIYADH — Hyzon Motors Inc. (Hyzon), a leading global supplier of zero-emission hydrogen fuel cell-powered commercial vehicles, jointly with Modern Industrial Investment Holding Group (Modern Group), a Saudi industrial conglomerate, on Thursday announced the signing of a memorandum of understanding with NEOM Company for the development of a vehicle assembly facility in NEOM.

NEOM, the $500 billion giga-project in northwest Saudi Arabia. is committed to becoming fully sustainable, powering itself through the use of 100 percent renewable energy and with net-zero emissions by 2030. A green hydrogen ecosystem will play a vital role both for the export of renewable energy and for net-zero carbon technologies for power and transportation in NEOM.

Various global corporations have already committed to invest over $5 billion to produce green hydrogen in NEOM in the world’s largest hydrogen production plant. It is expected NEOM will become an area with one of the highest concentrations of green hydrogen production and investment in the world.

Hyzon aims to be at the forefront of providing heavy-duty commercial fleet vehicles into NEOM which would