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Sources said a joint venture between Air Products, Aqua Power and NEOM has hired Lazard Financial to advise on a $ 5 billion hydrogen project in the NEOM economic zone, which relies on cutting-edge technology in Saudi Arabia.
Two sources familiar with the matter said Lazard, who advised oil giant Saudi Aramco on its 2019 IPO, approached banks to assess their appetite for the project.
Lazard, Air Products, the world’s largest producer of hydrogen, based in New York, and ACWA Power, an energy developer, and NEOM of Saudi Arabia did not respond to requests for comment.
In July last year, the companies said the project, which will be owned equally by the three partners, will produce green ammonia for export to global markets.
And NEOM, which was announced in 2017 as one of the pillars of Saudi plans to diversify the economy, is a high-tech development project on the Red Sea that includes several zones, including an industrial zone and logistics services. , and is expected to be completed in 2025.
Saudi Crown Prince Mohammed bin Salman this week revealed his intention to build the carbon-free city of “The Line” in Neom, at an infrastructure cost of between $ 100 billion and $ 200 billion.
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Hydrogen is becoming more and more popular as a clean fuel option in the future, and is being promoted more and more as a means of reducing carbon emissions from high-emitting heavy industry and transportation sectors. .
NEOM’s $ 5 billion project will consist of a green ammonia plant with a capacity of 1.2 million tonnes per year, which will use hydrogen produced from an electrical analyzer operating with more than four gigawatts solar, wind and stored energy. Production is expected to start in 2025.
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