Sunday 3 March 2024

Saudi group Modern Industrial seals partnership with Zoetic

RIYADH, December 6, 2023

Zoetic Global, a leading climate impact company, has signed an agreement with Saudi-based Modern Industrial Investment Holding Group (MIG) on the sidelines of COP28.
This landmark agreement sets the stage for tangible results throughout Saudi Arabia as Zoetic and TMG collaborate to provide energy efficiency and generation solutions. 
By utilizing Zoetic's refrigerants and working with the leading water purification and hydrogen energy company, the partnership aims to deliver immediate and scalable solutions that are economically compelling.
A major Saudi conglomerate, MIG is active in key sectors including petrochemicals, mining, steel, aluminum.
Prince Turki bin Abdulrahman Al Saud, the Chairman of the Modern Group said: "We are excited to partner with Zoetic and look forward to embarking on a journey that meaningfully addresses Saudi Arabia’s ambitious energy-efficiency and net-zero goals."
"By implementing innovative and impactful cooling technologies, businesses can significantly reduce their cooling expenses. With Zoetic’s track record in the United States, we hope to replicate their success in Saudi," he stated.
Modern Group Vice Chairman and CEO Abdulaziz Fahad Al Hamwah  highlighted the importance of implementing energy savings strategies, particularly as the costs of cooling-related energy expenses go up in the region. 
"The application of energy-efficient technologies not only alleviates the growing strain of high energy and cooling costs, but also positions the private sector as a key player in mitigating these challenges. We look forward to increasing our engagement with the Zoetic team and bringing their refrigerant and cooling technologies to the Saudi and GCC markets," he added.-TradeArabia News Service
Zoetic CEO Avery Hong said Saudi Arabia consumes a significant amount of its electricity on air conditioning and Zoetic refrigerants can deliver substantial savings while greatly reducing emissions. 
"Zoetic and its technology partner will also bring leading water purification and hydrogen energy solutions to support the Kingdom’s growth. This collaboration will address the energy and environmental goals as noted in Vision 2030," he added.
Executive Chairman Jerome Ringo said: "Zoetic's strategic alliance with The Modern Group is focused on carbon reduction solutions that will pave the way for a sustainable future. We are privileged to be TMG's chosen partner as it pursues its sustainability goals."
Zoetic Global recently announced its full endorsement of the Global Cooling Pledge which is an important topic of discussion at the COP28. 
With the rising threat of global warming leading to excessive air conditioning consumption, the pledge signifies a significant step towards minimizing carbon emissions related to cooling, targeting a reduction of at least 68 percent by 2050, he added.-TradeArabia News Service


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