Air Products and ACWA Power announced an agreement to build a 1 GW electrolyzer and a 1.2 million ton/year green ammonia facility in the planned city of NEOM in Saudi Arabia. Air Products, ACWA Power, and NEOM are committing $5 billion to the project. The electrolyzer will integrate 4 GW of new wind and solar capacity and synthesize ammonia to ship around the world for renewable hydrogen supply. Clients shouldn't be surprised by such aggressive moves by chemical companies and utilities to muscle in on the global energy trade, especially as oil and gas companies are left vulnerable from COVID-19 disruptions. Instead, clients should develop their own renewable energy export strategies with well-aligned partners and end customers.
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