Abstract
Air Products, the Saudi infrastructure firm ACWA Power, and the Saudi special economic zone Neom have secured the financing they need for their Neom Green Hydrogen joint venture. The project, under construction in Oxagon, Saudi Arabia, will cost $8.4 billion. It will use 4 GW of solar and wind energy to produce 600 metric tons (t) per day of hydrogen via water electrolysis. The venture will use that hydrogen to make about 1.2 million t of ammonia per year. Air Products will export the ammonia as a fuel, mostly for the transportation market. The companies expect to complete the project in 2026. Neom Green Hydrogen has already awarded $6.7 billion in engineering, procurement, and construction agreements to Air Products, which is managing the construction. When the project was unveiled in 2020, the partners expected it to cost $5 billion.
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