In the shimmering heat of the Saudi desert, NEOM is shaping up to be the crown jewel of green hydrogen—$9 billion invested, turbines spinning, and sunlight harvested at industrial scale.
But spin your compass north, and you’ll find another giant stirring—on the storm-lashed shores of Denmark, the HØST PtX Esbjerg project is building one of Europe’s largest hydrogen facilities, leveraging wind energy from the unforgiving North Sea.
So, who’s taking the lead in the green hydrogen race?
Simple answer: they both are—but for very different reasons.
SIZE: Solar Kingdom vs. Wind Colossus
• NEOM is aiming for 219,000 tonnes of hydrogen annually, a global powerhouse with exports in green ammonia already mapped across continents.
• Esbjerg? A projected 120,000 tonnes per year—less than NEOM but nothing short of monumental in European terms.
Perspective: While NEOM builds from scratch, HØST taps into a deeply integrated European energy grid, riding Denmark’s wind-dominated power mix.
OWNERSHIP & BACKERS: State Giants vs. Private Innovators
• NEOM is a joint venture between NEOM, ACWA Power, and Air Products. NEOM is fully owned by Saudi Arabia’s Public Investment Fund (PIF), which also holds a 44.16% stake in ACWA Power.
• Esbjerg is developed by Copenhagen Infrastructure Partners (CIP), a private equity firm specializing in greenfield renewable energy investments. CIP manages approximately €32 billion in assets and focuses on large-scale infrastructure projects, including offshore and onshore wind, solar PV, biomass, energy-from-waste, transmission and distribution, reserve capacity & storage, and Power-to-X.
COST PER KILO: Desert Scaling vs. Offshore Muscle
• NEOM bets on alkaline electrolysis—cheap, proven, and perfect for scale. Estimated cost? $2–$3 per kilo.
• Esbjerg will use PEM and alkaline systems optimized for offshore wind. Price per kilo: not yet public, but Denmark’s high-efficiency grid integration keeps things competitive.
Bottom line: NEOM wins on lowest possible price today. Esbjerg plays the long game with infrastructure integration and flexible grid balancing.
SUSTAINABILITY: Mirage Oasis vs. North Sea Storm Engine
• NEOM taps 4 GW of solar and wind in an all-out bid to decarbonize exports and shift Saudi Arabia beyond oil.
• HØST PtX Esbjerg is powered by offshore wind giants. No sunshine needed—just the roaring North Sea and some world-class turbines.
CO₂ punch:
• NEOM: Avoids 5 million tonnes annually.
• Esbjerg: Saves ~1.5 million tonnes annually—enough to decarbonize heavy transport across parts of Northern Europe.
