COMPANY PROFILE / HYDROGEN ENERGY
ACWA Power
A Saudi power-and-desalination developer that holds one third of the NEOM Green Hydrogen project, one of the world's largest green hydrogen and ammonia builds
ACWA Power comes up in any discussion of hydrogen because it is one of three equal owners (one third) of NEOM Green Hydrogen in Saudi Arabia. According to its Integrated Annual Report 2025, its green hydrogen capacity is 223 thousand tonnes a year, of which NEOM accounts for 220 thousand (under construction) and a pilot in Uzbekistan for 3 thousand (operating) (earnings presentation as of 30 June 2026). Revenue for 2025 was SAR 7,413.5 million and it had 4,644 employees. Revenue from hydrogen alone is not disclosed. This profile sets out, from official material of the company and its joint venture, what it commits to hydrogen, who it works with and where each project stands. It is not advice on handling hydrogen.
What this article covers
- ACWA Power in 30 seconds, and where it stands in hydrogen energy
- The logo and how the name is written
- Where the company sits in the field
- Scale (centered on what relates to hydrogen)
- Resources committed to hydrogen energy
- What it has done so far
- What comes next
- What the company is aiming for in hydrogen energy
- Map of partnerships in hydrogen energy
- Technologies, products and services
- The risks this company carries
- Glossary, references and claim-to-source audit
1. ACWA Power in 30 seconds, and where it stands in hydrogen energy
LEGAL NAMEACWA Power CompanyShort form "Acwa" in the annual report. Established in 2004, per the company
HEADQUARTERSRiyadh, Saudi ArabiaOperates in 15 countries (end of 2025, per the company)
LISTINGSaudi Exchange (Tadawul)
ticker 2082Listed in October 2021. The largest shareholder is the Public Investment Fund (PIF) with 44.16%
ticker 2082Listed in October 2021. The largest shareholder is the Public Investment Fund (PIF) with 44.16%
TYPE IN HYDROGENGases & large projectsDevelops, co-owns and operates projects. Electrolyzers are bought from other companies
REVENUE (2025)SAR 7,413.5 millionSaudi riyal (SAR). Revenue from hydrogen alone is not disclosed
EMPLOYEES4,644End of 2025. Includes part-time and temporary staff (company definition)
GREEN HYDROGEN CAPACITY223 thousand tonnes a year3 thousand operating and 220 thousand under construction (30 June 2026, company material)
HYDROGEN FOCUSAlkaline water electrolysis (NEOM)
Green ammonia from renewable powerElectrolyzers by thyssenkrupp nucera. Output is for export
Green ammonia from renewable powerElectrolyzers by thyssenkrupp nucera. Output is for export
The one thing to grasp first
ACWA Power's hydrogen is effectively concentrated in a single project, NEOM. Of 223 thousand tonnes a year of green hydrogen capacity, NEOM accounts for 220 thousand, about 99% Our calculation (220 ÷ 223). NEOM is a joint venture (NGHC) owned one third each by ACWA Power, Air Products and NEOM Company; ACWA Power applies the equity method to it, and the ammonia it makes is to be bought exclusively by Air Products under a long-term agreement (Air Products' 10-Q) Sourced. ACWA Power's position is therefore not that of an electrolyzer maker or a hydrogen seller, but that of a co-owner and developer of a very large joint venture. NEOM has not yet started up, so hydrogen revenue has not begun Not yet confirmed.
2. The logo and how the name is written
A note on names: the annual report calls the company ACWA Power Company and uses Acwa as the short form. NEOM Green Hydrogen Company (NGHC) is a separate company owned by ACWA Power, Air Products and NEOM Company, and NEOM is the name of a city development project and its operating company. The logo is the white version published on the company's official website (acwapower.com) and is shown on a dark background.
Official site: https://acwapower.com/3. Where the company sits in the field
4. Scale (centered on what relates to hydrogen)
ACWA Power covers power generation, water desalination, green hydrogen and flexible generation, and a hydrogen-only slice of group figures is not disclosed Sourced. Amounts are in Saudi riyals (SAR).
| Item | Value | Note |
|---|---|---|
| Revenue (2025) | SAR 7,413.5 million | SAR 6,297.3 million in 2024. The +17.7% change is Our calculation |
| Profit for the year (2025) | SAR 2,060.6 million | Profit attributable to equity holders of the parent: SAR 1,852.2 million |
| Total assets (end of 2025) | SAR 70,058.2 million | SAR 56,882.7 million at the end of 2024 |
| Employees (end of 2025) | 4,644 | Up from 4,175. The company's definition includes temporary staff and interns |
| Portfolio (30 June 2026) | Power 98.2 GW / water 9.7 million m³ a day / green hydrogen 223 thousand tonnes a year | Hydrogen: 3 thousand operating, 220 thousand under construction, none shown in advanced development |
| Shareholders (end of 2025) | PIF 44.16% | Vision International Investment Company 22.75%; free float 29.44% |
A caution
Group revenue and profit do not include hydrogen earnings, because NEOM (NGHC) is an equity-method joint venture that has not yet started up Not yet confirmed. Revenue from the operating pilot in Uzbekistan (3,000 tonnes a year) is not shown separately in the annual report either. "223 thousand tonnes a year of green hydrogen" is project capacity (the size of the plant), not actual production or revenue. Please do not add up or compare figures that cover different scopes.
5. Resources committed to hydrogen energy
Headcount, R&D spending and capital expenditure for hydrogen alone are not disclosed. The table sets out what could be confirmed from project-level material.
| Resource | What primary sources confirm | Category |
|---|---|---|
| People | The group has 4,644 employees. Headcount for hydrogen alone is not disclosed. NGHC expects 300 direct jobs at NEOM when fully operational (NGHC's own target) | Sourced / partly undisclosed |
| Money (R&D) | Group-wide innovation spending in 2025 was SAR 23.2 million, with 39 patents filed by year-end and 18 pilot plants. One of its four innovation themes is "green hydrogen". R&D spending for hydrogen alone is not disclosed | Sourced / partly undisclosed |
| Money (project investment) | NEOM: total investment differs by source (NGHC says US$8.4 billion, ACWA Power's project page says US$9,046 million, and the annual report says SAR 31,875 million); the reason could not be confirmed. ACWA Power's share is 33.33%. Because of additional EPC costs, shareholders agreed to an additional equity injection of SAR 1,665.0 million, of which ACWA Power's share is about SAR 549.4 million (note to the 2025 financial statements). Uzbekistan: the EBRD offered a US$65 million financing package (August 2024) | Sourced |
| Investments, joint ventures, divestments | One third of NGHC (NEOM), equal to Air Products and NEOM Company / ACWA Power UKS Green H2 in Uzbekistan, a joint venture with the state-owned chemical holding company Uzkimyosanoat (80% held by ACWA Power in the annual report's subsidiary list) / a joint development agreement with EnBW for the Yanbu hydrogen hub (terms not disclosed). No divestment of a hydrogen business was confirmed for this article | Sourced |
| Public funding, state-linked bodies, universities | NGHC's funding came from 23 local, regional and international banks, with significant participation from the Saudi Industrial Development Fund (SIDF) and the National Infrastructure Fund (NIF) (NGHC, financial close of May 2023). ACWA Power's largest shareholder is the PIF (44.16%). The first-half 2026 material says the Saudi government gave ACWA Power the exclusive right to export Saudi green fuels, including green hydrogen and derivatives. For the Uzbekistan pilot, concessional finance of up to US$10 million from Canada. Universities: the annual report lists MIT, Stanford and Tsinghua University among its external innovation partners (not specific to hydrogen) | Sourced |
Status of major projects
| Project | Location | Scale | Stage (as confirmed on 5 October 2026) | Source |
|---|---|---|---|---|
| NEOM Green Hydrogen (NGHC) | Oxagon, NEOM, Saudi Arabia | Up to 600 tonnes of hydrogen a day; up to 1.2 million tonnes of green ammonia a year. Electrolysis of more than 2 GW (alkaline); about 4 GW of wind and solar | Under construction. 90% complete (26 March 2026). Renewable generation is targeted for completion by mid-2026, followed by commissioning of the electrolyzers, with product availability in 2027 (NGHC). Its website says commissioning has started with energisation. The annual report says "operation in Q4 2026", so the sources word the timing differently | References 1, 3, 4, 5, 6, 7 |
| Uzbekistan pilot | Chirchiq (electrolysis) and Bukhara region (wind), Uzbekistan | 20 MW electrolyzer, 52 MW wind, 3,000 tonnes of hydrogen a year | Shown as operational, 3 thousand tonnes a year in the 30 June 2026 presentation. The annual report says its first green hydrogen project entered commercial operation in 2025 but does not name it | References 1, 2, 13 |
| Yanbu Green Hydrogen Hub | Yanbu, Saudi Arabia | Planned to combine renewables, desalination, ammonia synthesis and an export terminal. The hydrogen volume is not given in the material checked | Planning and design stage. Front-end engineering design (FEED) for the process plants is due by mid-2026, with commercial operation targeted for 2030 | References 9, 10 |
| Export corridors to Europe | Rostock (Germany), Amsterdam, Italy and others | With SEFE, "200,000 tonnes a year" (annual report timeline) | Mostly at the memorandum of understanding (MoU) stage. Whether the SEFE arrangement is a contract or an MoU could not be confirmed from the annual report | References 1, 9, 10, 11, 12 |
6. What it has done so far
| When | What happened | Why it matters |
|---|---|---|
| 2004 | Established (per the company). Grew as a developer of power and desalination projects | Large-scale infrastructure development and operation predates its hydrogen work |
| July 2020 | Air Products, ACWA Power and NEOM agreed on a green-hydrogen-based ammonia facility powered by renewables (per thyssenkrupp nucera's announcement) | The starting point of the three-way project |
| August 2021 | NGHC was incorporated as a joint venture. NGHC's timeline records the electrolysis plant order to thyssenkrupp nucera the same month (nucera's announcement names Air Products as the party that awarded it) | Electrolyzers are bought from another company |
| October 2021 | Listed on the Saudi Exchange | Its funding base |
| December 2022 | Facility agreements with banks. Haldor Topsoe was contracted for ammonia technology and Larsen & Toubro for power transmission and generation EPC | Surrounding technology and construction sit with other companies |
| May 2023 | Financial close (US$8.4 billion in total). Full notice to proceed was issued to Air Products in June 2023 | Air Products is the main contractor and system integrator |
| 23 October 2023 | MoU with GasLog, Zenith Energy Terminals and the Port of Amsterdam to study a green hydrogen export corridor | Studying transport to Europe |
| January 2025 | MoU with Italy's Snam on a supply chain for green hydrogen and ammonia from Saudi Arabia to Europe (annual report timeline) | Assumes a hydrogen corridor from southern Europe to Germany |
| February 2025 | Arrangement with Germany's SEFE on delivering "200,000 tonnes of green hydrogen a year" to Europe (annual report timeline) | Whether it is a contract or an MoU could not be confirmed |
| 2025 | The annual report says its first green hydrogen project entered commercial operation; the 30 June 2026 presentation shows 3 thousand tonnes a year operating | Read as the Uzbekistan pilot, though the document does not name it (inference) |
| 2 June 2025 | NGHC announced "80% construction complete across all sites" | NEOM progress |
| November 2025 | Under the India-Middle East-Europe Economic Corridor (IMEC) framework, MoUs with European companies and a joint development agreement with EnBW for phase 1 of the Yanbu hydrogen hub | Yanbu is targeted for commercial operation in 2030 |
| 1 February 2026 | MoU with EnBW, Rostock Port and VNG on a green ammonia corridor from Yanbu to the Port of Rostock | VNG is planning an ammonia cracker near Rostock (per ACWA Power's announcement) |
| 1 March 2026 | Dr. Samir J. Serhan became Chief Executive Officer. He was previously Chief Operating Officer of Air Products (annual report) | A former Air Products executive, whose company is the NEOM main contractor and ammonia buyer, took the top job (career as stated in the annual report) |
| 26 March 2026 | NGHC announced "90% construction complete across all sites", with renewable generation assets at about 95% | Electrolyzer commissioning and product availability are planned for 2027 |
7. What comes next
NEOM product supplyFirst green ammonia in 2027NGHC's plan. Renewable assets are targeted for completion by mid-2026
Green hydrogen capacity1 million tonnes a year by 2030Company target (annual report). End of 2025: 223 thousand tonnes a year
Status of the 2030 target"Conservative position"The company says it is more cautious than its 2023 guidance
Yanbu hydrogen hubCommercial operation targeted for 2030FEED due by mid-2026
Rostock corridorAt the MoU stageSigned in February 2026. Depends on Yanbu (2030 target)
Export rightsSaudi green fuelsIn the first-half 2026 material. The company says its 2030 targets are unchanged
Development approachFocus on the most viable projectsBecause of offtake uncertainty (annual report)
Hydrogen revenueNot disclosedNEOM has not started up; no target value disclosed
On the 2030 target, the annual report says the identified demand pipeline is about three times the targeted capacity, but that slow policy development creates barriers to long-term offtake contracting, and it states that the company keeps a conservative position compared with the original guidance it shared with the market in 2023 Sourced. On the 2025 market, it lists delays in implementing regulations in Europe, industrial offtake targets pushed back, and hydrogen import corridors slower to materialize than expected Sourced.
What could not be confirmed
None of the following appears in the official material checked for this article Not yet confirmed.
An official announcement of NEOM's commercial operation or first ammonia shipment / a final investment decision and the hydrogen volume for Yanbu / the conclusion of long-term sales contracts in Europe (beyond MoUs) / the legal nature of the SEFE arrangement / revenue or profit targets for hydrogen / the actual output of the Uzbekistan pilot.
8. What the company is aiming for in hydrogen energy
This section separates what the company says directly from what this article reads into it. Inference marks this article's interpretation of primary sources.
| What can be read from it | Primary evidence | Category |
|---|---|---|
| It treats hydrogen as one of four business areas alongside power and desalination | The annual report describes business in renewable power, water desalination, green hydrogen and flexible generation | Sourced (company statement) |
| Revenue is to come from projects backed by long-term purchase contracts | It describes cash flows underpinned by long-term power, water, green hydrogen and ammonia agreements. NEOM rests on a long-term contract with Air Products | Sourced (company statement) |
| It puts export at the center of its hydrogen business | The exclusive right to export Saudi green fuels (2026). MoUs for Europe with Rostock, Snam and SEFE | Sourced / Inference (that export is the center) |
| It is becoming selective about investment | The annual report says it concentrates resources on the most viable projects given European regulatory delays and offtake uncertainty, and focuses on the most competitive regions, including China | Sourced (company statement) |
| It keeps the developer-owner-operator model in hydrogen too | First-half 2026 material: the export right extends the developer-owner-operator model and does not replace it | Sourced (company statement) |
| It will not move into making electrolyzers | NEOM's electrolyzers are by thyssenkrupp nucera. ACWA Power's material shows no plan to manufacture electrolyzers | Inference |
One inference in more detail
The reading that "hydrogen is shifting from rapid expansion to selectivity" rests on how the 2030 target is worded. The annual report sets a capacity of 1 million tonnes a year for 2030, yet in the same place says that, because slow policy development hinders long-term contracts, it keeps a position more conservative than its 2023 guidance Sourced. The first-half 2026 material says the 2030 targets are unchanged and that new opportunities will be assessed and disclosed as they mature. From these, this article reads the stance as keeping the headline number while committing money only to projects where contracts and policy are visible Inference Not yet confirmed.
9. Map of partnerships in hydrogen energy
10. Technologies, products and services
ACWA Power is not a product seller; it develops, invests in and operates large infrastructure and sells power, water, green hydrogen and ammonia under long-term contracts (annual report). The hydrogen-related elements are as follows Sourced.
| Element | What the material says | Source |
|---|---|---|
| NEOM: renewable power | About 4 GW: more than 5.6 million solar panels (up to 2.2 GW) and more than 250 wind turbines (1.6 GW). NGHC says the plant operates entirely on about 4 GW of renewable electricity. ACWA Power's project page gives 3.9 GW | References 3, 4 |
| NEOM: water electrolysis | More than 2 GW of alkaline water electrolysis, built from large 20 MW modules (thyssenkrupp nucera's announcement). Up to 600 tonnes of hydrogen a day. The project page says key equipment such as electrolyzers, hydrogen storage vessels and the cold box has been installed during construction | References 3, 8 |
| NEOM: ammonia and export | Hydrogen is converted to up to 1.2 million tonnes of green ammonia a year for export. Air separation uses Air Products' technology and ammonia production uses Haldor Topsoe technology (NGHC's timeline). The ammonia is to be bought exclusively by Air Products under a long-term agreement | References 3, 6, 7 |
| Uzbekistan | A 20 MW electrolyzer and 52 MW of wind. It is planned to replace hydrogen made from natural gas at an existing ammonia fertilizer plant with renewable hydrogen (EBRD's description). 3,000 tonnes a year; about 22,000 tonnes of CO₂ avoided a year (EBRD) | Reference 13 |
| Yanbu | A planned integrated facility with renewables, desalination, ammonia synthesis and an export terminal. Phase 1 is being developed with EnBW | Reference 9 |
| Operations and maintenance | The group's operations company, Acwa Operations (formerly NOMAC), runs power and desalination assets. Whether it runs hydrogen facilities could not be confirmed for this article | Reference 1 |
A materials engineer's view: variable power, ammonia catalysts and a chemical form for shipping
Three points in the material touch on materials. (1) Running alkaline electrolysis on variable power: NEOM is described as running entirely on about 4 GW of wind and solar Sourced. When the power varies, the load on electrodes and diaphragms changes, so operating conditions bear on durability. That is a general point (see our explainers on alkaline water electrolysis and water electrolyzer stacks and materials). However, NGHC and ACWA Power material gives no specifications or durability data for diaphragms, electrodes or catalysts Not yet confirmed. (2) Ammonia synthesis: NGHC's timeline records Haldor Topsoe as the provider of the production technology. Catalyst and reactor specifications are not in the material. (3) A chemical form for shipping: NGHC describes ammonia as a dense hydrogen carrier. On the European side, cracking it back to hydrogen at Rostock is discussed at the MoU stage, which would move catalyst and materials issues to the import side (see our explainers on ammonia and energy carriers) Inference.
11. The risks this company carries
| Risk | Detail | Category |
|---|---|---|
| Concentration in one project | NEOM accounts for 220 thousand of 223 thousand tonnes a year of green hydrogen capacity (about 99%). Delay or cost increases at NEOM would affect the whole hydrogen business | Sourced / Our calculation |
| Timing is worded differently across sources | The annual report says "operation in Q4 2026", while NGHC says product availability in 2027. ACWA Power's project page also says it will operate (supply product) in 2027 | Sourced |
| Cost increases | Shareholders agreed to an additional equity injection of SAR 1,665.0 million for additional EPC costs (ACWA Power's share about SAR 549.4 million). Total investment also differs by source (US$8.4 billion / US$9,046 million / SAR 31,875 million) | Sourced |
| Effectively one buyer | NEOM's ammonia is to be bought exclusively by Air Products under a take-if-tendered agreement. Air Products' 10-Q says it consolidates NGHC because, although it holds one third of the votes, substantially all of NGHC's activities involve or are conducted on behalf of Air Products. ACWA Power's hydrogen revenue depends on how this contract works in practice | Sourced / Inference (the effect on revenue) |
| Demand and policy delays | Annual report: regulatory implementation delays in Europe, industrial offtake targets pushed back, and import corridors slower than expected. The 2030 target is more conservative than the 2023 guidance. Long-term offtake contracting is hard while policy lags | Sourced (company statement) |
| Receiving-side facilities not yet built | The ammonia cracker at Rostock is being planned by VNG, and corridors beyond Yanbu are at the MoU stage. They depend on European import facilities and rules being put in place | Sourced (MoU stage) |
| Handling of ammonia | Ammonia handling is subject to laws and standards. This article is not advice on handling | Sourced (general) |
12. Glossary
- Green hydrogen
- In this article, the term as used by ACWA Power and NGHC: hydrogen made by splitting water with renewable electricity. Conformity with legal criteria such as the EU's RFNBO rules has not been checked here.
- Green ammonia
- Ammonia made from green hydrogen and nitrogen from the air. The company describes it as a carrier for moving hydrogen.
- take-if-tendered
- A contract form in which the buyer must take the volume the seller offers to deliver (term used in Air Products' 10-Q).
- Equity method
- An accounting treatment that takes in the investee's profit or loss in proportion to the shareholding. It differs from consolidation.
- EPC
- Engineering, procurement and construction: a contract form that covers design, purchasing and building as one package.
- FEED
- Front-end engineering design: the stage before a final investment decision when specifications and costs are worked out.
- IMEC
- The India-Middle East-Europe Economic Corridor, which the company cites as a framework for exports to Europe.
- Offtake
- A contract to buy what a plant produces. Long-term offtake is usually a precondition for financing large projects.
13. References
- ACWA Power Integrated Annual Report 2025 (English). Business overview, hydrogen capacity and target, market review, NEOM investment, shareholding and additional equity, shareholder structure, employees, innovation, timeline. https://www.acwapower.com/media/b0tnh1to/acwa-integrated-annual-report-2025-eng.pdf
- ACWA Power 2Q26 earnings call presentation (portfolio as of 30 June 2026, operating and under-construction green hydrogen capacity, exclusive right to export green fuels). https://www.acwapower.com/media/ct0nnwc5/3-acwa_2q26-earnings-call_v5.pdf
- ACWA Power Project page "NEOM Green Hydrogen Project". Shareholding, project cost, technology, timing of product supply. https://www.acwapower.com/en/what-we-do/projects/neom-green-hydrogen-project/
- NEOM Green Hydrogen Company Official website (home page). Progress, scale, total investment, electrolyzer commissioning status. https://www.nghc.com/
- NEOM Green Hydrogen Company News "World's Largest Green Hydrogen Plant Achieves 90% Overall Construction Completion Across All Sites" (26 March 2026). https://nghc.com/news/worlds-largest-green-hydrogen-plant-achieves-90-overall-construction-completion-across-all-sites/
- NEOM Green Hydrogen Company "Partners" page. Joint-venture timeline (incorporation, orders, financial close, notice to proceed). https://nghc.com/about/partners/
- Air Products Form 10-Q for the quarter ended 30 June 2026. NGHC ownership, exclusive ammonia purchase agreement, EPC agreement, project financing. https://www.sec.gov/Archives/edgar/data/2969/000000296926000036/apd-20260630.htm
- thyssenkrupp nucera Press release "thyssenkrupp signs contract to install over 2GW electrolysis plant for Air Products in NEOM". More than 2 GW, 20 MW alkaline water electrolysis modules. https://www.thyssenkrupp-nucera.com/newsroom/news-press-releases/one-of-the-largest-green-hydrogen-projects-in-the-world-thyssenkrupp-signs-contract-to-install-over-2gw-electrolysis-plant-for-air-products-in-neom
- ACWA Power News "In the Presence of the Minister of Energy, Saudi Arabia Solidifies International Partnerships...IMEC". MoUs with European companies, Yanbu joint development agreement with EnBW. https://www.acwapower.com/en/media-center/latest-news/in-the-presence-of-the-minister-of-energy-saudi-arabia-solidifies-international-partnerships-to-export-renewable-energy-and-green-hydrogen-to-europe-leveraging-its-leadership-in-imec/
- ACWA Power News "...landmark green ammonia corridor MoU between Acwa and German counterparts" (1 February 2026). https://www.acwapower.com/en/media-center/latest-news/his-royal-highness-prince-abdulaziz-bin-salman-witnesses-the-signing-of-a-landmark-green-ammonia-corridor-mou-between-acwa-and-german-counterparts/
- ACWA Power News "ACWA Power and Snam Sign MoU for Green Hydrogen and Ammonia". https://www.acwapower.com/en/media-center/latest-news/acwa-power-and-snam-sign-mou-for-green-hydrogen-and-ammonia/
- ACWA Power News "ACWA Power, Dutch entities to jointly explore green hydrogen export corridor" (23 October 2023). https://www.acwapower.com/en/media-center/latest-news/acwa-power-dutch-entities-to-jointly-explore-green-hydrogen-export-corridor/
- EBRD (European Bank for Reconstruction and Development) News "EBRD supports first renewable hydrogen project in Central Asia" (28 August 2024). Scale of the Uzbekistan pilot, financing package, ownership. https://www.ebrd.com/home/news-and-events/news/2024/ebrd-supports-first-renewable-hydrogen-project-in-central-asia.html
- ACWA Power Official website (source of the logo image). https://acwapower.com/
- NEOM Green Hydrogen Company "About" page. Scale, operation entirely on renewable electricity, timing of product supply, jobs. https://nghc.com/about/
14. Claim-to-source audit
| Claim in the article | Category | Source |
|---|---|---|
| Legal name ACWA Power Company (short form Acwa), established 2004, Riyadh headquarters, operations in 15 countries | Sourced | Reference 1 https://www.acwapower.com/media/b0tnh1to/acwa-integrated-annual-report-2025-eng.pdf |
| Saudi Exchange (Tadawul) ticker 2082, listed October 2021, PIF 44.16%, Vision International 22.75%, free float 29.44% | Sourced | Reference 1 https://www.acwapower.com/media/b0tnh1to/acwa-integrated-annual-report-2025-eng.pdf |
| 2025 revenue of SAR 7,413.5 million (SAR 6,297.3 million in 2024), profit for the year SAR 2,060.6 million, parent share SAR 1,852.2 million, total assets SAR 70,058.2 million | Sourced | Reference 1 https://www.acwapower.com/media/b0tnh1to/acwa-integrated-annual-report-2025-eng.pdf |
| Revenue change of +17.7% over 2024 | Our calculation | Our own division of figures in Reference 1. Reference 1 https://www.acwapower.com/media/b0tnh1to/acwa-integrated-annual-report-2025-eng.pdf |
| 4,644 employees (end of 2025; 4,175 the year before); the company's definition includes temporary staff and interns | Sourced | Reference 1 https://www.acwapower.com/media/b0tnh1to/acwa-integrated-annual-report-2025-eng.pdf |
| Portfolio as of 30 June 2026 (power 98.2 GW, water 9.7 million m³ a day, green hydrogen 223 thousand tonnes a year of which 3 operating and 220 under construction) | Sourced | Reference 2 https://www.acwapower.com/media/ct0nnwc5/3-acwa_2q26-earnings-call_v5.pdf |
| About 99% of green hydrogen capacity is NEOM (220 ÷ 223) | Our calculation | Our own division of figures in Reference 2. Reference 2 https://www.acwapower.com/media/ct0nnwc5/3-acwa_2q26-earnings-call_v5.pdf |
| Revenue, profit, headcount, R&D spending and capital expenditure for hydrogen alone | Not yet confirmed | Not found in the material checked for this article. This article does not estimate them. |
| NEOM: equal one-third joint venture of ACWA Power, Air Products and NEOM Company (NGHC); ACWA Power's share 33.33%; equity-method joint venture; Air Products as main contractor | Sourced | Reference 1 https://www.acwapower.com/media/b0tnh1to/acwa-integrated-annual-report-2025-eng.pdf Reference 3 https://www.acwapower.com/en/what-we-do/projects/neom-green-hydrogen-project/ Reference 6 https://nghc.com/about/partners/ Reference 7 https://www.sec.gov/Archives/edgar/data/2969/000000296926000036/apd-20260630.htm |
| Exclusive ammonia purchase by Air Products (take-if-tendered); EPC agreement of US$6.7 billion; project financing of about US$6.1 billion (about 69%) | Sourced | Reference 7 https://www.sec.gov/Archives/edgar/data/2969/000000296926000036/apd-20260630.htm |
| NEOM scale (600 tonnes of hydrogen a day, up to 1.2 million tonnes of ammonia a year, about 4 GW of wind and solar, 2.2 GW solar and 1.6 GW wind) | Sourced | Reference 3 https://www.acwapower.com/en/what-we-do/projects/neom-green-hydrogen-project/ Reference 4 https://www.nghc.com/ Reference 15 https://nghc.com/about/ |
| NEOM electrolysis: more than 2 GW of alkaline water electrolysis, 20 MW modules, supplied by thyssenkrupp nucera | Sourced | Reference 8 https://www.thyssenkrupp-nucera.com/newsroom/news-press-releases/one-of-the-largest-green-hydrogen-projects-in-the-world-thyssenkrupp-signs-contract-to-install-over-2gw-electrolysis-plant-for-air-products-in-neom Reference 6 https://nghc.com/about/partners/ |
| NEOM total investment differing by source (NGHC US$8.4 billion; ACWA project page US$9,046 million; annual report SAR 31,875 million) | Sourced | Reference 1 https://www.acwapower.com/media/b0tnh1to/acwa-integrated-annual-report-2025-eng.pdf Reference 3 https://www.acwapower.com/en/what-we-do/projects/neom-green-hydrogen-project/ Reference 4 https://www.nghc.com/ |
| NEOM progress: 90% complete (26 March 2026), renewable assets targeted for mid-2026, product supply in 2027, commissioning started with energisation | Sourced | Reference 4 https://www.nghc.com/ Reference 5 https://nghc.com/news/worlds-largest-green-hydrogen-plant-achieves-90-overall-construction-completion-across-all-sites/ |
| The difference in timing wording between the annual report ("operation in Q4 2026") and NGHC (product supply in 2027) | Our calculation | Our own comparison of References 1 and 4. Reference 1 https://www.acwapower.com/media/b0tnh1to/acwa-integrated-annual-report-2025-eng.pdf Reference 4 https://www.nghc.com/ |
| Additional EPC costs: equity injection of SAR 1,665.0 million, ACWA Power's share about SAR 549.4 million | Sourced | Reference 1 https://www.acwapower.com/media/b0tnh1to/acwa-integrated-annual-report-2025-eng.pdf |
| An official announcement of NEOM's commercial operation or first ammonia shipment | Not yet confirmed | Not found in the material checked for this article. This article does not say it has or has not started. |
| NGHC funding: 23 banks, participation of SIDF and NIF, financial close of May 2023 (US$8.4 billion), notice to proceed of June 2023 | Sourced | Reference 4 https://www.nghc.com/ Reference 6 https://nghc.com/about/partners/ |
| Uzbekistan: 20 MW electrolyzer, 52 MW wind, 3,000 tonnes a year, ACWA Power UKS Green H2 (joint venture with UKS), EBRD offer of US$65 million, Canadian concessional finance of up to US$10 million | Sourced | Reference 13 https://www.ebrd.com/home/news-and-events/news/2024/ebrd-supports-first-renewable-hydrogen-project-in-central-asia.html |
| ACWA Power UKS Green H2 held 80% (annual report subsidiary list) | Sourced | Reference 1 https://www.acwapower.com/media/b0tnh1to/acwa-integrated-annual-report-2025-eng.pdf |
| Uzbekistan pilot shown as operating (3 thousand tonnes a year) on 30 June 2026 | Sourced | Reference 2 https://www.acwapower.com/media/ct0nnwc5/3-acwa_2q26-earnings-call_v5.pdf |
| The first green hydrogen project entered commercial operation in 2025 (project not named in the document); read as the Uzbekistan pilot | Inference | This article's interpretation of References 1, 2 and 13. |
| Yanbu: planned integrated facility, joint development agreement with EnBW, FEED by mid-2026, commercial operation targeted for 2030 | Sourced | Reference 9 https://www.acwapower.com/en/media-center/latest-news/in-the-presence-of-the-minister-of-energy-saudi-arabia-solidifies-international-partnerships-to-export-renewable-energy-and-green-hydrogen-to-europe-leveraging-its-leadership-in-imec/ Reference 10 https://www.acwapower.com/en/media-center/latest-news/his-royal-highness-prince-abdulaziz-bin-salman-witnesses-the-signing-of-a-landmark-green-ammonia-corridor-mou-between-acwa-and-german-counterparts/ |
| Rostock corridor MoU (EnBW, Rostock Port, VNG) and VNG's planned ammonia cracker | Sourced | Reference 10 https://www.acwapower.com/en/media-center/latest-news/his-royal-highness-prince-abdulaziz-bin-salman-witnesses-the-signing-of-a-landmark-green-ammonia-corridor-mou-between-acwa-and-german-counterparts/ |
| MoU with Snam (January 2025), Amsterdam export corridor MoU (23 October 2023), SEFE arrangement of 200,000 tonnes a year (annual report timeline) | Sourced | Reference 1 https://www.acwapower.com/media/b0tnh1to/acwa-integrated-annual-report-2025-eng.pdf Reference 11 https://www.acwapower.com/en/media-center/latest-news/acwa-power-and-snam-sign-mou-for-green-hydrogen-and-ammonia/ Reference 12 https://www.acwapower.com/en/media-center/latest-news/acwa-power-dutch-entities-to-jointly-explore-green-hydrogen-export-corridor/ |
| The legal nature of the SEFE arrangement (contract or MoU) | Not yet confirmed | Not stated in Reference 1. This article does not infer it. Reference 1 https://www.acwapower.com/media/b0tnh1to/acwa-integrated-annual-report-2025-eng.pdf |
| 2030 green hydrogen target of 1 million tonnes a year, a position more conservative than the 2023 guidance, and 2030 targets unchanged in the first half of 2026 | Sourced | Reference 1 https://www.acwapower.com/media/b0tnh1to/acwa-integrated-annual-report-2025-eng.pdf Reference 2 https://www.acwapower.com/media/ct0nnwc5/3-acwa_2q26-earnings-call_v5.pdf |
| Exclusive right to export Saudi green fuels; the developer-owner-operator model is extended, not replaced | Sourced | Reference 2 https://www.acwapower.com/media/ct0nnwc5/3-acwa_2q26-earnings-call_v5.pdf |
| European regulatory delays, pushed-back industrial offtake targets, slow import corridors, concentration on the most viable projects | Sourced | Reference 1 https://www.acwapower.com/media/b0tnh1to/acwa-integrated-annual-report-2025-eng.pdf |
| Dr. Samir J. Serhan became CEO on 1 March 2026; previously Air Products COO | Sourced | Reference 1 https://www.acwapower.com/media/b0tnh1to/acwa-integrated-annual-report-2025-eng.pdf |
| Innovation spending of SAR 23.2 million, 39 patents filed, "green hydrogen" among four themes, external innovation partners including universities | Sourced | Reference 1 https://www.acwapower.com/media/b0tnh1to/acwa-integrated-annual-report-2025-eng.pdf |
| Final investment decision and volume for Yanbu, long-term sales contracts in Europe, hydrogen revenue targets | Not yet confirmed | Not found in the material checked for this article. |
| Hydrogen is one of four business areas, with revenue backed by long-term purchase contracts | Sourced | Reference 1 https://www.acwapower.com/media/b0tnh1to/acwa-integrated-annual-report-2025-eng.pdf |
| The reading that export is the center of its hydrogen business | Inference | This article's interpretation of References 1, 2, 9, 10 and 11. |
| The reading that it keeps the headline target while committing money only to projects with visible contracts and policy | Inference | This article's interpretation of References 1 and 2. |
| The reading that it will not move into making electrolyzers | Inference | This article's interpretation of References 3 and 8. |
| The reading that having effectively one buyer affects revenue | Inference | This article's interpretation of Reference 7. |
| The materials-related reading (variable power in electrolysis, ammonia synthesis catalyst, cracking on the import side) | Inference | This article's interpretation of References 4, 6 and 10. |
| ACWA Power's type (gases & large projects) and the classification in Fig. 1 | Our calculation | Our own grouping; company names are examples drawn from the companies covered in this series. |
Last updated 5 October 2026 / Troy Technical
Figures in this article come from ACWA Power's Integrated Annual Report 2025 and results presentation, the official website of NEOM Green Hydrogen Company, Air Products' statutory filing (Form 10-Q), and official announcements from thyssenkrupp nucera and the EBRD. No research-firm market estimates or press-based figures have been used (market estimates quoted in the annual report are also not used). Passages marked "Inference" are this article's interpretation of primary sources, not statements made by the company. Company plans and targets (start-up dates, capacity, export corridors) are unconfirmed forward-looking statements. This article is not advice on handling or operating hydrogen or ammonia, which is subject to laws and standards.