Air Products, ACWA Power and NEOM Sign Agreement for $5 Billion Production Facility in NEOM Powered by Renewable Energy for Production
PR84689
Air Products, ACWA Power and NEOM Sign Agreement for $5 Billion Production Facility in NEOM Powered by Renewable Energy for Production and Export of Green Hydrogen to Global Markets
LEHIGH VALLEY, Pa., July 7, 2020 /PRNewswire=KYODO JBN/ --
-- The World's Largest Green Hydrogen Project Will Supply 650 Tons Per Day of
Carbon-Free Hydrogen for Transportation Globally and Save the World Three
Million Tons Per Year of CO2
Air Products, in conjunction with ACWA Power and NEOM, announced the signing of
an agreement for a $5 billion world-scale green hydrogen-based ammonia
production facility powered by renewable energy. The project, which will be
equally owned by the three partners, will be sited in NEOM (
), a new model for sustainable living located in the north west corner of the
Kingdom of Saudi Arabia, and will produce green ammonia for export to global
markets.
The joint venture project is the first partnership for NEOM with leading
international and national partners in the renewable energy field and it will
be a cornerstone for its strategy to become a major player in the global
hydrogen market. It is based on proven, world-class technology and will include
the innovative integration of over four gigawatts of renewable power from
solar, wind and storage; production of 650 tons per day of hydrogen by
electrolysis using thyssenkrupp technology (
); production of nitrogen by air separation using Air Products technology; and
production of 1.2 million tons per year of green ammonia using Haldor Topsoe
technology (
). The project is scheduled to be onstream in 2025.
Air Products will be the exclusive off-taker of the green ammonia and intends
to transport it around the world to be dissociated to produce green hydrogen
for the transportation market.
"We are honored and proud to partner with ACWA Power and NEOM and use proven
technologies to make the world's dream of 100 percent green energy a reality,"
said Seifi Ghasemi, Chairman, President and Chief Executive Officer for Air
Products. "Harnessing the unique profile of NEOM's sun and wind to convert
water to hydrogen, this project will yield a totally clean source of energy on
a massive scale and will save the world over three million tons of CO2
emissions annually and eliminate smog-forming emissions and other pollutants
from the equivalent of over 700,000 cars."
Mohammad A. Abunayyan, ACWA Power Chairman, said, "Stemming from our belief in
Vision 2030 and HRH Crown Prince Mohammed bin Salman's aspirations for NEOM to
become the global pioneer in sustainable living, the Board of Directors and
Management of ACWA Power are proud to take part in this groundbreaking and
first-of-its-kind investment in the world. ACWA Power has a proven track record
of leveraging pioneering renewable technologies to deliver carbon-free power at
the lowest cost. With our global experience, we are confident that our
collaboration with an industry-leading company like Air Products will create
significant opportunities in the production of green hydrogen, and further us
in our goal to help countries meet their clean energy targets and unlock
significant socio-economic benefits. Based in NEOM's Industrial Cluster, and
enabled by its unique mandate, this investment will integrate and localize
cutting-edge technologies that will harness solar and wind power to produce
sustainable and globally accessible green energy."
NEOM CEO, Nadhmi Al Nasr, said, "This partnership reflects our deep commitment
to developing a carbon positive society which will be a beacon for sustainable
living and a solution to many of the environmental challenges facing the world.
This demonstrates the ability of NEOM to generate significant partnership
opportunities for international and national investors. This is a pivotal
moment for the development of NEOM and a key element in Saudi Vision 2030
contributing to the Kingdom's clean energy and circular carbon economy
strategy. As the world's largest renewable hydrogen project, NEOM's Board of
Directors, headed by HRH Crown Prince Mohammed bin Salman, and the company's
Executive team are delighted to announce this significant milestone for NEOM in
becoming a global leader in green hydrogen production and green fuels. We are
also excited that two world-class organizations, Air Products and ACWA Power,
have joined us in developing this major project, the first of many developments
at this scale that will put NEOM at the heart of a new future society."
About Air Products
Air Products (NYSE:APD) (
) is a world-leading industrial gases company in operation for nearly 80
years. Air Products is currently the largest supplier of hydrogen worldwide.
Focused on serving energy, environment and emerging markets, the Company
provides essential industrial gases, related equipment and applications
expertise to customers in dozens of industries, including refining, chemical,
metals, electronics, manufacturing, and food and beverage. Air Products is also
the global leader in the supply of liquefied natural gas process technology and
equipment. The Company develops, engineers, builds, owns and operates some of
the world's largest industrial gas projects, including gasification projects
that sustainably convert abundant natural resources into syngas for the
production of high-value power, fuels and chemicals.
The Company had fiscal 2019 sales of $8.9 billion from operations in 50
countries and has a current market capitalization of about $55 billion. More
than 17,000 passionate, talented and committed employees from diverse
backgrounds are driven by Air Products' higher purpose to create innovative
solutions that benefit the environment, enhance sustainability and address the
challenges facing customers, communities, and the world. For more information,
visit airproducts.com (
) or follow us on LinkedIn (
), Twitter (
), Facebook (
) or Instagram (
).
Air Products Investor Call to Discuss This Project: 8:30 a.m. USET on July 7,
2020
*Air Products' Investor Call Details
Air Products will hold a conference call on Tuesday, July 7, 2020 at 8:30 a.m.
USET to discuss the project. The teleconference will be open to the public and
the media in listen-only mode by telephone and Internet broadcast.
Live teleconference: 323-994-2082
Passcode: 3757916
Internet broadcast/slides: Available on the Event Details (
) page on Air Products' Investor Relations website.
Telephone replay: 888-203-1112 (domestic) or 719-457-0820 (international)
Passcode: 3757916
Available from 12:30 p.m. USET on July 7, 2020 through 12:30 p.m. USET on July
14, 2020.
Internet replay: Available on the Event Details (
) page on Air Products' Investor Relations website.
This release contains "forward-looking statements" within the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on management's expectations and
assumptions as of the date of this release and are not guarantees of future
performance. While forward-looking statements are made in good faith and based
on assumptions, expectations and projections that management believes are
reasonable based on currently available information, actual performance and
financial results may differ materially from projections and estimates
expressed in the forward-looking statements because of many factors, including,
without limitation, those described in Air Products' Annual Report on Form 10-K
for its fiscal year ended September 30, 2019. Except as required by law, Air
Products disclaims any obligation or undertaking to update or revise any
forward-looking statements contained herein to reflect any change in the
assumptions, beliefs, or expectations or any change in events, conditions, or
circumstances upon which any such forward-looking statements are based.
About ACWA Power
ACWA Power is a developer, investor and operator of power generation and
desalinated water production plants. Registered and established in 2004 in
Riyadh, Saudi Arabia.
ACWA Power employs over 3,500 people and is currently present in 12 countries
in the Middle East, Africa, Central Asia and Southeast Asia. ACWA Power's
portfolio includes 59 assets with an investment value of USD 48.8 billion,
producing 34 GW of power and 5.9 million m3 /day of desalinated water delivered
on a bulk basis to address the needs of state utilities and industries on long
term, off-taker contracts under utility services outsourcing and
Public-Private-Partnership models. ACWA Power's mission is to reliably deliver
electricity and desalinated water at a low cost, thereby contributing
effectively to the sustainable, social and economic development of communities
and countries. ACWA Power is committed to the values of Safety, People and
Performance in operating its business across all geographies. For more
information, please visit www.acwapower.com
About NEOM
NEOM is an accelerator of human progress and a vision of what a New Future
might look like. It is a region in northwest Saudi Arabia on the Red Sea being
built from the ground up as a living laboratory – a place where
entrepreneurship will chart the course for this New Future. It will be a
destination and a home for people who dream big and want to be part of building
a new model for exceptional livability, creating thriving businesses, and
reinventing environmental conservation.
NEOM will be the home and workplace to more than a million residents from
around the world. It will include towns and cities, ports and enterprise zones,
research centers, sports and entertainment venues, and tourist destinations. As
a hub for innovation, entrepreneurs, business leaders and companies will come
to research, incubate and commercialize new technologies and enterprises in
ground-breaking ways. Residents of NEOM will embody an international ethos and
embrace a culture of exploration, risk-taking and diversity - all supported by
a progressive law compatible with international norms and conducive to economic
growth. For more information email media@neom.com; or go to newsroom.neom.com (
) or visit www.neom.com
SOURCE Air Products
CONTACT: Air Products Media Inquiries: Katie McDonald, tel: (610) 481-1340,
email: mcdonace@airproducts.com; Air Products Investor Inquiries: Simon Moore,
tel: (610) 481-7461; e-mail: mooresr@airproducts.com; ACWA Power Media
Inquiries: Sabina Khandwani, tel: +97156 5075710, e-mail:
SKhandwani@acwapower.com; ACWA Power Investor Inquiries, Ozgur Serin,
tel:+97150 6455693, e-mail: Oserin@acwapower.com; NEOM Inquiries:E-mail:
media@neom.com or visit www.neom.com
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