The brief

Analyst view

• Equal JV: NEOM (Saudi city), ACWA Power, Air Products. $8.4B capex.
• 4 GW wind+solar → 600 t H2/day → 1.2M t NH3/year via Haber-Bosch.
• 90% complete, mid-2026. First ammonia export 2027; Air Products distributes globally.

Technical approach

As reported

Electrolyzer technology

2.2 GW alkaline electrolyzers

KOH electrolyte, iron electrode, proven 1960s chemistry. Simpler, cheaper at scale than PEM, but slow ramp.

Renewable energy integration

4 GW solar and wind complex

2.2 GW solar + 1.8 GW wind on-site at Oxagon; direct power to electrolyzers.

Ammonia synthesis

Haber-Bosch process

H2 + N2 (from Air Products) → NH3 at 150-300 bar, 400-500°C. 600 t H2/day → 1.2M t NH3/yr.

Distribution

Air Products 30-year offtake

Air Products buys all ammonia; distributes globally via existing logistics.

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