Germany to fund alternative energy plant in Saudi Arabia
Saudi Arabia is focused on developing alternatives to oil as prices remain low amid the COVID-19 pandemic.
The German government will provide funding to an alternative energy plant in Saudi Arabia. The initiative comes as Saudi Arabia looks to diversify its economy and reduce its reluctance on oil.
Berlin will give $1.83 million (1.5 million euros) to German engineering conglomerate Thyssenkrupp’s planned hydrogen electrolysis facility in the kingdom, Reuters reported on Wednesday.
Electrolysis uses electricity to split water into oxygen and hydrogen, which can be used for energy.
The plant will be located in Saudi Arabia’s planned megacity of Neom on the Red Sea and have a capacity of 20 megawatts, according to Reuters.
