Saudi Arabia Grants "Aqua" Exclusive Rights to Export Green Hydrogen and Its Derivatives

SadaNews - The company "Aqua" has received government approval granting it exclusive rights to export green hydrogen produced in Saudi Arabia and its derivatives to global markets, a move that enhances the Kingdom's ambitions to become a global hub for the production and export of clean fuel and low-emission energy.

The company stated in a disclosure to the Saudi financial market (Tadawul) that the approval includes granting it exclusive rights to export green hydrogen and its derivatives, including green ammonia, green methanol, green methane, and fuels produced using green hydrogen, as part of the national objectives.

"Aqua" Engages in Developing Electricity Export Projects

The approval also tasked "Aqua Power" with developing projects for the production, transmission, and export of electricity generated from renewable energy sources to European and Arab markets, indicating that the company will later disclose any significant developments or financial impacts related to this task.

This decision comes as Saudi Arabia prepares to pump billions of dollars into the hydrogen sector in the coming years, as part of its plans to diversify the economy and reduce dependence on oil revenues while maintaining its status as a global energy supplier.

The Public Investment Fund established "Energy Solutions" to finance green hydrogen projects in 2024, with plans to invest at least 10 billion dollars, a figure likely to rise depending on global demand and future expansion plans, according to "Bloomberg."

"Neom Green Hydrogen" Project

Saudi Arabia hosts the "Neom Green Hydrogen" project, developed by "Neom" in partnership with "Air Products" and "Aqua," which is considered one of the largest green hydrogen projects under construction in the world. The project aims to produce about 600 tons per day of carbon-free hydrogen by the end of 2026, with total investments amounting to 8.4 billion dollars.

"Aqua" is the largest energy and water desalination company in the Middle East, with a portfolio of projects in the fields of renewable energy and green hydrogen across 15 countries, with assets valued at 124.4 billion dollars and a production capacity of 97.9 gigawatts, including 52.2 gigawatts from renewable energy sources.

The decision strengthens the company's position in the green hydrogen sector, which the Kingdom bets on as one of the pillars for global transition to clean energy. This fuel is produced by using electricity generated from renewable sources to separate hydrogen from water and is seen as a key solution for reducing emissions in energy-intensive industries such as metals, aviation, and shipping.