Saudi Arabia has launched a new company to finance green hydrogen production, Bloomberg reported.

The Public Investment Fund (PIF), chaired by Crown Prince Mohammed bin Salman, has set up Energy Solutions Company to invest at least $10 billion in low-carbon fuel production, the news agency reported, citing sources familiar with the matter.

Some of these investments will be made in collaboration with state-owned oil giant Saudi Aramco, the report said.

The new company is expected to be led by former Thyssenkrupp Uhde CEO Cord Landsmann and may be officially announced later this month, the report said.

(Editing by Seban Scaria seban.scaria@lseg.com)