ACME Group raised a fresh funding of INR 40 billion from REC, for the start up of its green hydrogen and ammonia project located in Duqm, Oman. The facility is projected to produce green ammonia in the capacity of 100,000 tons in its initial phase, and then expanded to 1.2 MMTPA.

Jul 22, 2023

ACME Group, an Indian renewable energy company, has recently shared that it raised INR 40 billion in fresh funding from infrastructure finance firm REC, in order to start its green hydrogen and ammonia project located in Oman. As per official statements, the fund raised will be utilized for the first phase of the project, which is set to be located at the special economic zone in Duqm, Oman. 

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The upcoming facility is projected to produce green ammonia in the capacity of 100,000 tons in its initial phase. Following the initial production, the facility will then be expanded to a production capacity of 1.2 metric million tons per annum, with approximately 3.5 gigawatts of electrolyzer capacity. ACME also stated that it signed preliminary agreements with REC for over INR 210 billion of loans.