PR96302

RIYADH, Saudi Arabia, June 2, 2022 /PRNewswire=KYODO JBN/ --

-- Saudi Arabia's leading mining company signs an MOU to facilitate the study

to develop the first solar steam project in the kingdom to decarbonize

MA'ADEN's alumina refinery

Saudi Arabian Mining Company (MA'ADEN), Saudi Arabia's national mining champion

and one of the fastest-growing mining companies in the world, and GlassPoint,

the leader in industrial solar steam, have entered into a Memorandum of

Understanding to develop the world's largest solar process heat plant at

MA'ADEN's Alumina refinery. When complete, the 1,500 MW solar steam facility

will help MA'ADEN achieve sustainability goals by reducing carbon emissions by

over 600,000 tons annually. This represents more than 50% reduction of carbon

footprint in MA'ADEN's Alumina refinery and 4% of MA'ADEN's overall carbon

footprint.

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The MOU was signed at MA'ADEN HQ in Riyadh, Saudi Arabia by Riyadh Al Nassar,

senior vice president of MA'ADEN's aluminum business and Rod MacGregor, CEO and

founder of GlassPoint, witnessed by Robert Wilt, CEO of MA'ADEN and Jacob

Drejer, CCO of GlassPoint.

Robert Wilt, CEO of MA'ADEN stated: "As the third pillar of the Saudi economy,

we aspire to be a role model in ESG in the Kingdom. This significant

development will dramatically reduce our carbon footprint and bring us closer

to our mandate of carbon neutrality by 2050. As the world moves towards green

aluminum, MA'ADEN intends to help lead the way in this transition."

Riyadh Al Nassar, SVP Aluminum SBU of MA'ADEN stated: "The proposed new

facility, a solar thermal plant known as MA'ADEN Solar 1, will be located in

Ras al Khair, Kingdom of Saudi Arabia, and will harness the power of the sun to

produce steam. The steam will be used to refine bauxite ore into alumina.

Alumina is a critical feedstock to Aluminum, which is one of the world's most

crucial metals for many global industries going into a future that is focused

on environment and sustainability."

"MA'ADEN is leading the way to reduce industrial carbon emissions at scale by

replacing fossil fuels with solar power to create heat. This facility when

built will be the largest industrial solar steam plant in the world and the

first deployed in both Saudi Arabia and in the aluminum supply chain," said Rod

MacGregor, CEO and founder of GlassPoint. "With this MOU, GlassPoint is

entering a new phase of growth to help decarbonize a range of industries

seeking to lower their carbon footprint."

Under this arrangement, MA'ADEN and GlassPoint will work together developing a

more sustainable way to produce aluminum, which is a crucial metal for many

global industries and the energy transition. This MOU also represents

GlassPoint's reemergence as a leader in solar process heat.

As a global energy producer, Saudi Arabia is committed to advancing the fight

against climate change. The Kingdom has unveiled the Saudi Green Initiative

(SGI) to help the country become an international leader in sustainability.

Last year, the SGI unveiled a first wave of more than 60 initiatives, amounting

to a SAR 700 billion ($186B US) investment to accelerate the green economy

across Saudi Arabia and beyond.

To learn more about MA'ADEN, visit: https://www.maaden.com.sa/

To learn more about GlassPoint, visit: https://www.glasspoint.com/

About GlassPoint

GlassPoint decarbonizes the production of materials essential to the energy

transition and makes a substantial impact combating climate change. The company

builds, owns and operates large-scale solar steam facilities to reduce carbon

emissions in hard-to-abate industries such as mining and metals, chemicals,

construction materials, desalination and more. GlassPoint is the only solution

proven at scale to reduce carbon emissions from industrial process heat and has

built more than half of the solar steam capacity in the world. Learn more at

glasspoint.com.

About MA'ADEN

MA'ADEN operates the largest and most efficient vertically integrated aluminum

complex in the world in Ras Al Khair on Saudi Arabia's east coast. MA'ADEN's

mine-to-market aluminum business comprises the Al Ba'itha mine and fully

integrated refinery, smelter, rolling and export facilities in Ras Al Khair.

MA'ADEN provides high-quality billets, ingots, slabs and flat-rolled aluminum

products to customers across the globe, including multinational automakers and

consumer brands.

SOURCE GlassPoint

CONTACT: glasspoint@methodcommunications.com