FAM Holding, South Korean firm sign MOU for eco-friendly hydrogen in UAE

FAM Holding, an Emirati Group, has signed a memorandum of understanding with Nexon Star, a South Korean hydrogen technology startup, for cooperation on development in the hydrogen energy sector, to produce ecofriendly hydrogen at a low cost.

The support includes engineering, on-site support, training, and benchmarking sessions with a business development plan to introduce the new technology all over the country.

Along with its continued research for cutting edge technologies and the ambition to push the boundaries of the development in the UAE, FAM Holding announced on Monday that they have agreed with a South Korean hydrogen technology startup firm, “Nexon Star.” The agreement paves the way for the breakthrough technology to be implemented in the UAE market.

As FAM Holding is one of the largest growing national groups in the UAE, it aims to aggressively implement this technology in multiple areas in the country and expand it using its resources and strong established base.

On the other hand, the master plan of this project matching perfectly with the government vision as renewable energy becomes a priority and main strategic sector for the coming decades.

Dr Faisal Ali Mousa, chairman of FAM Holding, said: “Implementing such technologies, by an Emirati group with the partnership of Korean innovative partner, is a key for the strategic plans of the UAE, moreover it is a crucial factor for the sustainability of our economy in the UAE. We are always trying to push the limits of exploring and implementing the best technologies to ensure a bright future for our country.”