In May 2023, NEOM’s energy and water company ENOWA and the Saudi Electricity Company signed an agreement with Hitachi Energy to supply ENOWA with three high-voltage direct current transmission systems. NEOM Green Hydrogen Company, a joint venture between NEOM, ACWA Power, and Air Products, to build a mega-plant in NEOM that will produce about 600 tonnes of carbon-free hydrogen per day from 2026 with an investment value of $8.4 billion.