Hydrogen - central to Saudi Arabia's energy sector
Hydrogen is central to Saudi Arabia's plans to transform the energy sector. Therefore, the kingdom is increasingly investing in technologies that enable the production, storage, and transport of hydrogen. Saudi Arabia has planned $6 billion worth of green hydrogen projects. The $500 billion Helios Green Hydrogen and Ammonia Project in NEOM is a collaboration between ACWA Power, AirProducts, and NEOM. The plant is scheduled to be operational by 2025 and will export 650 tons of green hydrogen per day.
In addition, the oil company Saudi Aramco is already producing blue hydrogen. A memorandum has been signed between Aramco, Modern Industrial Investment Holding Group (MIG), and Intercontinental Energy (IE) for the development of new green hydrogen and ammonia production units.
Additionally, the kingdom has formed a hydrogen alliance with Germany to research and develop clean hydrogen technologies and solutions. Euler Hermes, a German export credit agency, and KfW, a German development bank, are in talks about financing the NEOM project.