Aramco, Gaussin ink agreement to build factory for Saudi-made H2 vehicles

Oil and chemicals company Saudi Aramco (TADAWUL:2222) and French specialist in hydrogen-based vehicles Gaussin SA (EPA:ALGAU) have signed an agreement aimed at setting up a factory for hydrogen-powered vehicles in the Kingdom of Saudi Arabia.

The partners said they want to establish a modern manufacturing facility to make Saudi-made hydrogen-powered vehicles, but first they will study the feasibility of such a factory and of a hydrogen distribution business to serve the Middle East region.

Under the agreement, Aramco’s new Advanced Innovation Center (LAB7) will also be closely involved in Gaussin’s development of hydrogen-powered vehicles and the development of a remote controlled/autonomous hydrogen racing truck, the press release states.

“LAB7 aims to integrate Aramco’s composite materials into Gaussin’s existing range of products to reduce the weight, energy consumption and cost of these vehicles,” the statement adds.

The Saudi oil giant will also sponsor Gaussin’s hydrogen-fueled racing truck, which will compete in the January 2022 Dakar Rally in Saudi Arabia.

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