Media Release
Vienna – July 17, 2023
The Underground Energy Storage Technologies (UEST) consortium is delighted to announce the creation of a joint venture (JV) with Sky Horizon Investment Company (SHIC), which is a subsidiary of the Al Yamama Group. Through this collaboration, UEST and the Sky Horizon Investment Company are joining forces to bring UEST partners’ expertise in carbon-free operations to Saudi Arabia, aiming to implement clean energy practices effectively.
The Al Yamama Group is one of the major groups in the Kingdom of Saudi Arabia. The company was founded in 1952 and has executed many projects in operation, maintenance, construction, landscaping, and irrigation. Their subsidiary, Sky Horizon Investment Co., located in Dammam, offers comprehensive services supporting international entities entering the local market. By leveraging their deep understanding of local customs, business culture, and extensive networking resources, they play a pivotal role in enabling a successful market entry.
UEST partners are accelerating the energy transition by pooling their expertise and capabilities to support their global energy partners and big CO2 emitters in harnessing the promise of new energy streams. Stepping up investments and activity in clean-energy fuels and technologies is crucial to safeguard the energy supply for world economies while reducing greenhouse gas emissions.
Sadoon Bin Khalid Al Khaldi, CEO, Sky Horizon Investment & Dr Diethard Kratzer, Managing Director, UEST
About Underground Energy Storage Technologies (UEST)
As a centre of excellence, UEST is a strategic partnership of the HOT Energy Group, ILF Consulting Engineers Austria, RED Drilling & Services, and Chemieanlagenbau Chemnitz (CAC). The consortium fuses the individual partners’ decades of specialised know-how and expertise in underground storage technologies. UEST delivers high-end and cutting-edge solutions for natural gas (UGS), carbon dioxide (CCUS), and hydrogen storage – from prospect assessment and operational planning, drilling, workover, and well engineering, all the way through to the handover of storage facilities.
About Sky Horizon Investment (SHIC)
Sky Horizon Investment is a subsidiary of the Al Yamama Group and a venture capital investment firm that invests in various sectors such as Engineering and Manufacturing, Green and Clean Energy, Healthcare, Construction projects and Petrochemicals. SHIC strives to become one of the Saudi Arabian Kingdom’s leading integrated business and financial services providers. They help find partners to create international coalitions and expand strategic networks.
Media Centre
Interested?
Contact us today to discuss how your underground energy storage projects can benefit from UEST’s decades of expertise!