Saudi Arabia's Modern Group and Zoetic Global Unveil Breakthrough Green Energy Partnership

Saudi Arabia's Modern Group and Zoetic Global Unveil Breakthrough Green Energy Partnership

By Press Release, 07 December 2023

Zoetic Global, a leading climate impact company, and Modern Industrial Investment Holding Group (MIG) a major conglomerate based in Saudi Arabia, signed a game-changing Memorandum of Understanding at 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.

HRH Prince Turki bin Abdulrahman Al Saud, the Chairman of the Modern Group who participated in the MOU ceremony 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."

Abdulaziz Fahad Al Hamwah, Vice Chairman and Chief Executive Officer of the Modern Group 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."

"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," said Zoetic CEO Avery Hong.

Executive Chairman Jerome Ringo added, "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 United Nations Climate Summit 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.

Zoetic Global is actively working with global governments and businesses such as TMG to help them reach the UN's ambitious climate change goals and plans to announce additional major partnership deals at COP 28.

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