Wollongong manufacturer Hysata will build a commercial-scale demonstration hydrogen production system with its ultra efficient electrolysers in Saudi Arabia in a tie up with an energy giant powering the Kingdom’s ambitious urban and industrial development.
Hysata announced this week it has reached an agreement with ACWA Power to deliver commercial scale demonstrations of its high-efficiency capillary-fed electrolysis technology.
The Saudi Arabia headquartered energy firm is half owned by the nation’s sovereign wealth fund and has a portfolio it says is worth almost US$100 million. It is a developer and investor in one of the world’s largest green hydrogen complexes at NEOM, the new Saudi city that has already pulled in other Australians.
The NEOM Green hydrogen project is set to be operational next year and is aiming to produce up to 600 tonnes of green hydrogen daily for the new city and global export markets.
Hysata is a Wollongong based manufacturer of ultra efficient electrolysers that the company says will redefine the economics of green hydrogen production. Last year it raised $169 million in one of Australia’s largest ever Series B rounds for a CleanTech.
The arrangement with ACWA Power was struck last week and includes a commercial scale demonstration of the technology in Saudi Arabia.
Success could mean a commercial pathway to deploying the Australian innovation in the Saudi giant’s massive power projects in the Middle East and Africa.
“We were especially attracted to their pipeline of large-scale green hydrogen projects with strong offtakes, their deep expertise across the energy supply chain in the Middle East, and an impressive ability to execute large-scale projects at a rapid pace,” Hysata chief executive Paul Barrett said.
“Green hydrogen through its use as a chemical feedstock is critical for decarbonising heavy industry and for creating new export markets for products such as green iron, steel, and green ammonia.”
With abundant renewable energy and huge investment, Mr Barrett said the Middle East has “all the ingredients” to lead on Green Hydrogen.
The Albanese government is trying to develop a similar industry in Australia and this week passed legislation to offer production credits from 2027 to close the gap on market price and cost.
But its other key hydrogen program has hit delays after some large-scale projects encountered serious setbacks amid lower than forecast demand.
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