Bena, Alderley sign MoU for joint opportunities in energy conversion field

Logo of Bena Steel Industries Co.

Bena Steel Industries Co. signed on July 4 a memorandum of understanding (MoU) with Alderley PLC to accelerate the capabilities and necessary solutions in energy conversion field in Saudi Arabia. 

The six-month MoU focuses on establishing a strategic partnership to develop joint opportunities in the energy sector in line with Vision 2030, the company said in a statement to Tadawul. 

The relevant financial impact will be determined when the final evaluation is complete. 

The MoU seeks to build local capabilities, supply chains and solutions in the energy sector, in order to support the Kingdom's endeavors to provide safe sources of energy for the world through the development of new safe technologies aimed at reducing carbon emissions and hydrogen utilization. 

There are no related parties to the deal, Bena added, noting that it will duly announce any material updates.