Saudi Arabia Said to Tee Up Multibillion-Dollar Bet on Hydrogen

• PIF said to create company to finance hydrogen investments
• Hydrogen has yet to take off globally because of costs

Saudi Arabia is preparing to make a multibillion-dollar bet on hydrogen and will launch a new company to produce the much-hyped low-carbon fuel, according to people familiar with the matter.

The kingdom’s sovereign wealth fund, chaired by de facto ruler Crown Prince Mohammed bin Salman, has created a company called Energy Solutions Co. to finance so-called green hydrogen power production, the people said, asking not to be identified as the information is private.