ACWA Power, Austria's Verbund sign green hydrogen pact
Saudi Arabia’s ACWA Power has finalised a partnership agreement with Austria-based Verbund to jointly explore the potential development of green hydrogen projects in the Middle East, it said on January 18.
The hydrogen would be used by Verbund as a renewable energy source for Central Europe with a primary focus on Austria.
ACWA in partnership with Air Products and NEOM is developing a green hydrogen project in Neom, Saudi Arabia. Scheduled for completion in 2026, will integrate up to 4 GW of solar and wind energy to produce up to 1.2mn metric tons of green ammonia translating to up to 600 metric tons/day of carbon-free hydrogen.
NEOM Green Hydrogen Company, which will operate the project, last month signed agreements with various banks along with the execution of a commitment letter with the Saudi Industrial Development Fund for the project.