RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources on Tuesday issued the first industrial license to NEOM Green Hydrogen Co. at OXAGON, the Saudi Press Agency reported.

It is an equal joint venture between NEOM, ACWA Power, and Air Products.

It is part of the Kingdom’s efforts to catalyze the global hydrogen economy by becoming the world’s leading hydrogen producer while maintaining its position as a key player in the energy sector.

The NEOM Green Hydrogen plant is expected to begin green hydrogen production using 100 percent renewables in 2026. It will produce up to 1.2 million tons of green ammonia annually, or 600 tons of green hydrogen daily. Green ammonia will be exported to global markets to support the decarbonization of the heavy transport sector.

It is estimated that the plant will provide up to 5 million tons of CO2 annually. When the plant commences operations at OXAGON in 2026, 100 percent of the green hydrogen will be exportable to global markets in the form of green ammonia, under an exclusive long-term agreement with US-based Air Products Co.

The plant will run on around 4 GW of wind and solar energy and produce green hydrogen using the electrolysis 2.2GW technology.

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