Egypt is on the verge of securing a game-changing investment deal worth $16 billion with two prominent Indian companies, ACME Group and Ocior Energy.

The announcement was made by Yehia Al-Wathiq Bellah, Chairman of the Egyptian Commercial Service, signaling Egypt’s strong commitment to green hydrogen production.

The agreement with ACME Group, which was initially established in late August through a memorandum of understanding (MoU), outlines plans to construct a vast green hydrogen industrial complex in Ain El-Sokhna. This complex will sprawl over an expansive 4.5 million square meters of land and is set to become a major hub for green hydrogen production. Once operational, it is expected to generate a staggering 2.2 million tons of green hydrogen annually. ACME Group’s ambitious project carries an investment worth $12 billion, underscoring the significant financial commitment involved in Egypt’s green hydrogen endeavors.

Equally noteworthy is Ocior Energy’s plan, which was revealed in August, to channel investments of up to $4 billion into green hydrogen production. This initiative will be located within the Suez Canal Economic Zone (SCZone), a strategically positioned area that holds immense potential for expanding Egypt’s green hydrogen capacity.