Hamah Holding (HQ: Riyadh, Saudi Arabia; CEO: Per Lökkegaard; hereinafter referred to as “Hamah”) and Sustech Inc. (HQ: Minato-ku, Tokyo; CEOs: Yusuke Tanno and Yuichiro Iida; hereinafter referred to as “Sustech”) are pleased to announce their agreement to collaborate in the energy sector utilizing Sustech’s cutting-edge AI technology “ELIC” for power management, imbalance mitigation, battery control, and repowering.

(May 21, 2024, Saudi-Japan Vision 2030 Business Forum)

　The Kingdom of Saudi Arabia is promoting its “Vision 2030” initiative, aiming to reduce its economic dependence on oil and diversify its economy, driving a significant transformation of the country’s economic and social landscape. As part of this transformation, the Kingdom has recently started to adopt renewable power plants of single digits GW with the confirmed target to develop 130 GW by 2030, which equals to 20 GW annually — over three times Japan’s annual renewable energy deployment.  This is the largest renewable energy development in the world.

　Hamah has been extensively researching and evaluating business opportunities to address the critical challenge of managing and building stable power infrastructure amid the rapid adoption of renewable energy in the Kingdom and the surrounding Gulf Council countries. Consequently, Hamah has determined that Sustech’s AI technology is the best fit for meeting its vision.

　Sustech has developed the decentralized energy management platform “ELIC” and possesses world-class AI technology for managing and operating renewable energy sources, power generation forecasting, battery control, and repowering

　Hamah Holding and Sustech will collaborate to utilize Sustech’s AI technology “ELIC” to envision stable power infrastructure and enhance renewable energy generation performance in the Kingdom and other Gulf Council countries.

About Hamah Holding

　Hamah Holding is a leading investment company based in Riyadh, Kingdom of Saudi Arabia, diversifying its business investment across various industries, including real estate, AI, IoT, environmental sustainability, mobility, mining, and Catering. Our innovative approach, grounded in Saudi Arabia’s cultural heritage, drives our endeavors. We prioritize partnerships, cultivating strong alliances with local and global entities for mutual growth and shared success. Our commitment to cultural values, innovation, and sustainability distinguishes us as leaders in driving transformative impact, both in Saudi Arabia and globally.

CEO: Per Lökkegaard
Address: Hamah Building, 3834 Abudulaziz Bin Abdulmunim – Hitten Dist. Unit No.2, Riyadh
Corporate Website: https://hamahholding.com/

About Sustech

　To envision “Design the New Era of Energy,” Sustech is developing “one stop shop” businesses for carbon neutrality, including the decentralized power management platform “ELIC” and the decarbonization assessment platform “CARBONIX.” Sustech aims to achieve impactful harnessing the power of technology.

Decentralized energy management platform “ELIC”

　”ELIC” is developed to become a next-generation energy management system for overcoming various challenges arising from the expansion of renewables. ELIC improve the performance of renewables and enable “Zero Blackout” with world-best-in-class AI functionalities,  such power generation forecasting,  demand forecasting, and optimal storage battery control, etc.

Representatives: Yusuke Tanno, Yuichiro Iida
Address: Shibakoen Hanshin Bldg. 5F, 3-1-14 Shiba, Minato-ku, Tokyo
Establishment: June 2021
Capital: 1.5 billion yen (includes capital reserves)
Corporate Website: https://global.sustech-inc.co.jp/
Contact:  info@sustech-inc.com