KSA financing world's largest green hydrogen project with SR10.3 billion

The Kingdom of Saudi Arabia is financing the worlds largest green hydrogen project. This project is being brought together by the National Development Fund (NDF), through its supervised entities and will be established in the Oxagon city at NEOM.

The Oxagon is part of the NEOM project to build the cities of the future that redefine our concept of what a city can be, while also paving the way for more sustainable future. The Oxagon is NEOM’s vision for a new industrial city that allows people, Industries, and technology to come together in harmony with nature. It will be the world’s first fully integrated port and the largest floating structure.

The 10.3 billon NEOM Green Hydrogen Company will be built in the heart of Oxagon, it boasts an impressive production capacity of 600 tons per day of carbon-free hydrogen by the end of 2026, offering a multitude of applications across various sectors, including transportation, industry, and energy integration. Once complete the joint venture between Acwa Power, Air Products and NEOM will be the world’s largest green hydrogen production facility – stretched over 300km2 of land, in which around 5.6 million solar panels will produce up to 2.2GW of solar energy.

Above: artists visualisation of Oxagon

This initiative came as part of the efforts of the Saudi Industrial Development Fund (SIDF) and the National Infrastructure Fund (NIF) — under establishment —, along with local and international banks, to advance green and sustainable solutions in the Kingdom, with financing exceeding SR10.3 billion ($2.7 billion)

The project positions the Kingdom as a global frontrunner in the green hydrogen sector, fostering economic growth and creating high-value job opportunities.

This signifies a key milestone in the kingdoms road to transitioning into a low-carbon economy. By harnessing new and emerging technologies NGHC produces hydrogen through electrolysis, mitigating carbon emissions and reducing dependence on fossil fuels. Through this the NDF targets to promote sustainability and enable Saudi’s vision 2030, this will then pave the way for the Kingdoms ambitious aims to achieve net carbon neutrality by 2060.

David Edmondson, CEO of NEOM Green Hydrogen Company had the following to say.

“By harnessing the power of both nature and technology, our plant will ultimately support the Kingdom’s climate mandate by enabling the large-scale adoption of green hydrogen and ushering in a new sustainable clean energy era in the process,… We are committed to developing a sustainable and scalable green hydrogen ecosystem in Saudi Arabia, in line with the Kingdom’s vision for a low-carbon future.”