Asia Tech Wire (Oct 8) -- Saudi Arabia plans a multi-billion-dollar investment to develop hydrogen energy and will set up a new company to produce the much-anticipated low-carbon fuel, Bloomberg reported, citing people familiar with the matter.

Saudi Arabia's Public Investment Fund (PIF), one of the world's largest sovereign wealth funds, has set up a company called Energy Solutions Co. to finance green hydrogen power production, the people said.

And the people said the PIF expects the company to invest at least $10 billion, but that figure could grow significantly in the coming years.