The formation of Foreign Direct Investment in hydrogen fuel cell technologies and projects, powering commercial ships, and other strategic purposes, has been the subject of exploratory discussions with Turkish officials by a financial consortium led by Diplomatic Trade, Q Finance, and ARC Capital.

The chief spokesperson for the investment consortium and the chairman of Diplomatic indicated that they are interested in creating and implementing comprehensive projects related to the development of hydrogen fuel cell-based maritime shipping propulsion technology. In recent discussions with Benjamin Ballout, Chairman of Diplomatic Trade, the Turkish government reportedly voiced strong support for renewable energy, notably the use of new hydrogen-based fuel-cell technology in the nation. Current Turkish law provides financial, tax, trade, and other incentives, and in our initial discussions with government representatives, we discovered that the Turkish government has a wide range of benefits available to foreign investors who wish to concentrate in the specific fields of Renewable Energy and more specifically, hydrogen-based projects and technology. Initial discussions, according to Mr. Ballout and his Turkish partner Umit Ertin, have been quite promising. They are now generating the feasibility study and research data necessary to move on with the next stages necessary to deploy foreign direct investment.