ACME Group has received the first installment of $140 million in funding for its green hydrogen and green ammonia project in the Special Economic Zone at Duqm (Sezad). The installment is part of a larger financing package worth $540 million, representing 75% of the total project cost, which is estimated at $750 million.
The announcement marks a significant milestone for Oman’s energy transition efforts and reflects growing international confidence in Sezad’s investment potential.
Dr. Saeed bin Khalifa Al Quraini, Director General of Investment Development at the Public Authority for Special Economic Zones and Free Zones (Opaz), emphasized the strategic importance of the funding. “ACME’s project is a pioneering initiative in the green hydrogen sector and the first of its kind in the Sultanate to secure full financial closure along with a long-term off-take agreement,” he stated. “This strengthens Duqm’s position as a hub for sustainable energy and supports Oman’s ambition to achieve carbon neutrality by 2050.”
The project, now in the implementation phase, has signed key contracts and issued purchase orders for equipment. Construction work is actively underway in collaboration with contractors and technical service providers, ensuring alignment with the set timelines for infrastructure development and pilot production.
Gursharan Jassal, ACME’s Country Manager in Oman, acknowledged the international trust placed in the initiative. “Receiving the first tranche of funding is a vote of confidence in the project’s viability and Oman’s leadership in the green energy sector,” he said. “Together with our partners, we are on track to begin producing green hydrogen by Q1 2027.”
With an initial production capacity of 100,000 tonnes of green ammonia annually, the project aims to expand to 1.1 million tonnes per year in the future. The long-term off-take agreement signed last year with Norwegian fertiliser giant Yara will see ACME supply 100,000 tonnes of green ammonia annually starting in 2027. Yara continues to grow its global green ammonia portfolio.
In 2022, ACME achieved a significant milestone by becoming the world’s first company to receive TÜV Rheinland’s internationally accredited certification for commercial-scale green hydrogen and ammonia production. The certification confirms that the products are generated using renewable sources such as wind and solar energy and meet strict low-carbon standards.
The project positions Oman at the forefront of the green hydrogen revolution, reinforcing its role in global decarbonization and clean energy leadership.
