Neom reaches financial close on hydrogen, awards port work

Neom reaches financial close on hydrogen, awards port work

© Supplied by Neom

Neom has reached financial close on the world's largest green hydrogen facility, worth $8.4 billion. The plant is being built at Oxagon. Picture shows; Neom. Saudi Arabia.





Neom has reached financial close on the world’s largest green hydrogen facility, worth $8.4 billion. The plant is being built at Oxagon.

Neom Green Hydrogen signed financial documents with 23 banks, ranging from local to international.

The financial commitments show the “unmatched potential” of the green hydrogen project, Neom Green Hydrogen chairman Nadhmi Al-Nasr said. “With the financial close announced today, we are taking a massive leap towards opening the plant, in line with NEOM’s vision to accelerate renewable solutions.”

Air Products is building the facility. It has also signed on to an exclusive 30-year offtake agreement for the green ammonia produced at the plant.

The facility will produce up to 600 tonnes per day of green hydrogen by the end of 2026, powered by 4 GW of solar and wind energy.

Air Products is also working on receiving facilities in Europe. In November 2022 it set out plans, with Mabanaft, to build a green ammonia import facility in Hamburg. This project should start up in 2026.

Neom Green