ACME Group secures $140 million for Oman’s first major hydrogen project

Muscat: The funding, provided by Power Finance Corporation, accounts for 75% of the project’s total cost and underscores international confidence in the project’s viability. It also highlights the strategic importance of the Duqm Special Economic Zone in attracting clean energy investments.

Dr. Saeed bin Khalifa Al Quraini, Director General of Investment Development at the Public Authority for Special Economic Zones and Free Zones, emphasized that the financing confirms global faith in Duqm’s projects.

The project aligns with Oman’s national strategy to achieve carbon neutrality by 2050 and support the transition to sustainable energy. It has entered the implementation phase, with contracts signed, equipment procurement underway, and infrastructure development progressing as per schedule.
ACME Group’s Regional Director for Green Hydrogen and Chemicals in Oman, Gurcharan Jassal, noted, that this funding reflects global belief in the project’s success and is a crucial milestone towards making Oman a key player in the global hydrogen economy.

Acme plans to begin pilot production of green hydrogen by Q1 2027, with an initial capacity of 100,000 tons of green ammonia annually. The company intends to expand this to 1.1 million tons in subsequent phases.

A long-term agreement has already been signed with Norwegian fertilizer giant Yara to supply the entire initial output, bolstering the project’s commercial stability and long-term market impact.