ExxonMobil Hydrogen Hub Attracts Billions From Major Investors

Amid widespread skepticism about the future scalability of the hydrogen industry, whether it be green, blue, gray or another imagined color, ExxonMobil certainly is not having trouble attracting major investors in its planned blue hydrogen hub at its refining and chemical complex in Baytown, Texas.

In just the past few weeks, the project - which ExxonMobil says will be the largest of its kind in the world when operational - has brought news of a pair of major investors in both the facility itself and its production. The Baytown plans remain a point of controversy with the climate alarm industry, given that it plans to use natural gas from the Baytown refinery operation as the feedstock to make so-called “blue” hydrogen. ExxonMobil’s plans include both using a portion of the hydrogen as a fuel to reduce the carbon footprint of the Baytown facility itself, with the majority used in the manufacture of low carbon ammonia.

A week ago, ADNOC, the Abu Dhabi national oil company, agreed to purchase a 35% equity stake in the facility itself, which is still in the complex phase of obtaining the needed local, state, and federal permits enabling its ultimate completion. Neither company was willing to disclose the value of the deal at this time.

His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said: "This strategic investment is a significant step for ADNOC as we grow our portfolio of lower-carbon energy sources and deliver on our international growth strategy. We look forward to partnering with ExxonMobil on this low carbon-intensity and technologically advanced project to meet rising demand and help decarbonize heavy-emitting sectors.”