NEOM announced the launch of its subsidiary company ENOWA, which will lead the development of NEOM's world-class, sustainable energy and water systems. Work to develop these utilities has begun to provide the critical infrastructure for NEOM's key projects: THE LINE, its revolutionary urban development; OXAGON, its reimagined industrial city; and TROJENA, its sustainable mountain tourism destination.
ENOWA represents NEOM as the principal shareholder in the world's largest green hydrogen production plant in an equal joint venture with Air Products and ACWA Power. Coming onstream in 2025, the green hydrogen plant is expected to be the first of several similar plants to make NEOM a hub for green hydrogen production and innovation. The green hydrogen will be exported and used in NEOM for a variety of solutions, including fueling clean, autonomous electric vehicles.
Peter Terium, CEO of ENOWA, said: "Aligned with NEOM's approach to living in harmony with nature, our new company works in partnership with its environment to create a sustainable cycle. This will provide the resources to power a thriving, sustainable economy. Our vision is being brought to life by some of the best minds in the world, leaders in their respective fields, supported by the latest technology and innovation. We cannot and will not be able to do it alone. The challenges the world faces need global collaboration and we look forward to working with leaders around the world in the energy, hydrogen and water industries to drive innovation forward together."
NEOM's goal is to ensure all residents and industries in NEOM are powered by affordable 100% renewable energy. This will be the first project in the world that enables this at scale, and NEOM will set the stage for other sustainability projects around the world.