Hyzon Motors Inc. and Modern Industrial Investment Holding Group has signed an MOU with NEOM Company for the development of a vehicle assembly facility in NEOM, the $500 B giga-project in northwest Saudi Arabia.

Hyzon, Modern Group and NEOM Company plan to work closely over the next 18 months to finalize plans and specifications for the new regional assembly facility, with an anticipated annual capacity to assemble up to 10,000 vehicles. To facilitate construction of the new facility, Hyzon and Modern Group plan to incorporate a joint venture company, Hyzon Motors Middle East (ME), which would focus on supplying locally-built, Hyzon-branded zero-emission commercial vehicles throughout Saudi Arabia and the GCC.

NEOM is committed to becoming fully sustainable, powering itself through the use of 100% 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 B 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.

"NEOM is developing a multi-dimensional hydrogen ecosystem and is a perfect location to activate hydrogen-based technologies and applications for use in NEOM and beyond,"said Roland Kaeppner, Executive Director, Hydrogen & Green Fuels, NEOM Company. "Given its strategic geographic location and its impact as a lighthouse for innovation and future livability, localized manufacturing is a natural consequence as NEOM develops."