Saudi Arabia’s Public Investment Fund (PIF) is considering buying a stake in Thyssenkrupp’s hydrogen unit as the oil-rich kingdom pivots to greener forms of energy production, people familiar with the matter said.  The sovereign wealth fund is in the early stages of studying a potential investment in the engineering conglomerate’s Nucera business, the people said, asking not to be identified discussing confidential information.

Deliberations are ongoing, and there’s no guarantee PIF will proceed with an investment

Deliberations are ongoing, and there’s no guarantee PIF will proceed with an investment, the anonymous people said. A Thyssenkrupp spokesperson reiterated the company’s plans to pursue an IPO of Nucera, while declining to comment on potential Saudi interest. A representative for PIF didn’t immediately respond to requests for comment.

Thyssenkrupp is already working with Saudi Arabia to build a green hydrogen plant that will power the $500bn NEOM megaproject — a new city under development on the kingdom’s northwest Red Sea coast.

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