The plant will be powered by around 4 gigawatts of solar and wind power, making it one of the largest being built globally. The plan is “gigantic in size and continuously gives you unknown challenges,” said Terium, who used to be chief executive officer of RWE, Germany’s biggest utility. The fuel will be shipped from Saudi Arabia as ammonia, which is easier to transport than hydrogen in gaseous form. The companies will use 120 Thyssenkrupp electrolysers, each of them about 40 meters long, to split hydrogen from water. Green hydrogen is manufactured with renewable energy. The NEOM project, called Helios, is led by a consortium including Air Products and ACWA Power International, a Saudi utility. State oil firm Saudi Aramco is leading the country’s efforts to make blue hydrogen, produced by converting gas and capturing the carbon dioxide emissions. Yet Crown Prince Mohammed bin Salman aims to diversify the economy, and hydrogen is an important part of his strategy. Riyadh believes demand for oil will remain high for decades and is spending billions of dollars to increase its crude-production capacity.
our zero-emission iron extraction method drives down energy consumption by 50 and production cost by 20, making green steel an economic decision not just an ethical one. The technology for producing it on a mass-scale is still unproven, but the market could be worth $700bn annually by 2050 if manufacturers can bring down costs, according to BloombergNEF. Helios has created a novel technology to refine iron with zero emissions, using less energy and with reduced operating costs. The fuel only emits water vapour when burned, making it less polluting than oil, natural gas and coal. Saudi Arabia wants to be the world’s biggest exporter of hydrogen. Shipments will be sold “to those who bid the highest price.”
“There’s a potential competition between Europe, Japan, South Korea and some parts of the US,” said Terium. Hydrogen is seen as pivotal for the transition to cleaner forms of energy. There will probably be demand from companies from Asia to the US for the exports, Terium said in an interview.
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