US companies are setting up shop in the KSA for a HFC assembly plant: US-based hydrogen fuel cell (HFC) solutions company Renewable Innovations (RI) signed a joint venture agreement with Utah-headquartered Mena Holdings to establish a hydrogen fuel cell (HFC) products assembly plant in Saudi Arabia, Bloomberg writes, citing a company statement. The financial details of the agreement and projected timeline have not been disclosed.

What we know: The facility will build HFC products for distribution in the Middle East and North Africa and will enable Mena Holdings to offtake an undisclosed amount of RI products produced at the plant. The agreement may also allow Mena Holdings to acquire a stake in RI, though it is unclear how much of the company’s shares would be divided under the JV’s terms.

Who is involved? The former governor of Utah — where both companies are based — Gary Herbert, will act as an advisor to RI per the agreement, while Mena Holdings Partner Abdulrahman Alnasri will leverage his connections as an industry player in the Saudi market to facilitate investments for the JV.

About the companies: Mena Holdings operates in several sectors, with one of its divisions focused entirely on renewable energy. Its partners have been operating in Saudi Arabia for some 15 years, according to the statement picked up by Bloomberg. RI is a global hydrogen and fuel cell integration solutions company with a foothold in the US, Europe, and New Zealand, with various arms operating in the renewables, alternative, and hydrogen production sectors.