Saudi-listed ACWA Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, has signed strategic agreements with six Italian partners at the Saudi-Italian Investment Forum in Milan on the 4th of September to bolster cooperation in the fields of green hydrogen, water desalination, and research and development.
The six Italian entities include the small, medium and large enterprises federation Confindustria, major energy firm Eni, utility and waste management firm A2A, industrial solutions provider Industrie De Nora, specialty additives manufacturer Italmatch Chemicals and classification and engineering solutions provider RINA.
"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”, said Marco Arcelli, Chief Executive Officer of ACWA Power.
Through its collective network of 222 associations and more than 150,000 companies, Confindustria and its associates will assess with ACWA Power the potential for developments of green hydrogen and water desalination projects, including the identification of suitable contractors and suppliers, research and development (R&D), and long-term supply and manufacturing partnerships.
Eni and ACWA Power will investigate cooperation in green hydrogen, renewables and research and development in innovative, sustainable technologies. A2A and ACWA Power will assess the potential for green hydrogen projects in their areas of mutual interest, and green hydrogen imports in Italy. RINA and ACWA Power will investigate potential use of green hydrogen and its derivatives in sea-borne shipping.
Industrie De Nora will provide its expertise in electrochemistry and sustainability technologies to enhance ACWA Power’s portfolio of water desalination projects and will investigate possible cooperation in operations and maintenance in green hydrogen applications.
Italmatch Chemicals and ACWA Power will explore the potential for localization in Saudi Arabia of the production of water treatment products with long term supply agreements to its operations, as well as opportunities in R&D and knowledge exchange.
The Saudi-Italian Investment Forum is jointly hosted by Saudi Arabia’s Ministry of Investment (MISA), Italy’s Ministry of Enterprises and Made in Italy. With over 90 years of diplomatic relations, bilateral trade between the two nations currently stands at around US$11 billion.