The NEOM Green Hydrogen started receiving the basic equipment to establish the world’s largest plant for producing green hydrogen in “Oxagon” in the “NEOM” region of Saudi Arabia within the next four months, according to David Edmondson, CEO of the company.
Edmondson explained that there is an exclusive agreement with the American company, Air Products, to provide for the purchase of the entire production of the plant for the next thirty years, during which NEOM Green Hydrogen will transfer all products to Europe, Asia, and America.
Edmondson indicated that the project received “significant support” from local, regional, and international financial institutions, receiving $6.1 billion without recourse.
He added that the National Development Fund and the Industrial Development Fund in KSA contributed more than 40% of the factory’s financing.
In addition, 13 international banks contributed to the financing, which reflects the interest of the international financial community in investing in Saudi Arabia, and more specifically, in “NEOM”.
The NEOM Green Hydrogen project aims to provide a unified production capacity of approximately 4 gigawatts of solar and wind energy, to be used to produce around 600 metric tons per day of carbon-free hydrogen by the end of 2026 in the form of “green ammonia”, which is a cost-effective solution for the transport and industrial sectors globally.
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