Cox has signed a collaboration agreement by which it becomes an industrial partner of GlassPoint in the GlassPoint Ma’aden Technology Showcase (GMTS) project, developed in collaboration with the government of Saudi Arabiabeing the first phase of what will be the world’s largest solar thermal project, the company reported.
Specifically, Glasspoint and the Saudi government will invest approximately 30 million euros in this first phase, when the total amount of the project will amount to 1.5 billion euros.
The agreement also provides that the group chaired by Enrique Riquelme be the industrial partner of the nearly 50 solar thermal industrial projects that GlassPoint has in its pipeline globally, primarily in the United States and the Middle East. Cox said this gives it almost €10 billion more in its services portfolio.
Additionally, through this agreement with GlassPoint, the company includes in its portfolio a unique technology on the marketstrengthening its technological differentiation strategy, as well as its positioning and leadership in innovation.
The GMTS is the first phase of what will be the largest solar thermal industrial project in the world, Ma’aden Iwhich will combine direct solar heat generation technology with advanced thermal storage to accelerate the decarbonization of Ma’aden’s aluminum supply chain, and which will be capable of generating 1,500 megawatts of thermal power.
Cox’s pioneering project
Additionally, the GTMS project will include several advanced GlassPoint technology developments that will enable industrial facilities to decarbonize heat by up to 70% while providing cost parity with traditional gas-fired steam systems.
It will supply 1% of the steam needed for the Ma’aden bauxite refinery in Ras Al Khair; Once fully completed, this percentage will rise to 65% and will help reduce carbon emissions by 600,000 tonnes per year, which equates to removing nearly 130,000 cars from the road.
The Executive Chairman of Cox, Enrique Riquelme, highlighted that there is a growing demand for heat without emissions around the world, as industrial facilities seek to profitably achieve their decarbonization goals.
“GlassPoint stands out by offering the only proven, large-scale solution for reduce carbon emissions and, at the same time, that it is profitable. “We look forward to working with them on this pioneering project, in collaboration with the Saudi Ministry of Investment, as well as many others within our joint portfolio,” he noted.
For his part, the CEO of GlassPoint, Rod MacGregor, was proud of this partnership with the Kingdom of Saudi Arabia and with Cox to develop, “not only the largest thermal industrial project in history, but also this pioneering technology in solar thermal production. ease.
