Abraxas Power
Abraxas Power Corp. is a Toronto-based private energy transition developer founded in 2022 that develops mega-scale renewable energy and Power-to-X infrastructure projects — including the EVREC green hydrogen and ammonia project in Newfoundland and Project Solar City floating solar in the Maldives — to decarbonize hard-to-abate industrial sectors and serve sovereign government and European industrial offtake markets.
- Company typePrivate
- Founded2022
- HeadquartersToronto, Canada
- Headcount101–250
- GTM typeB2B
- OfferingServices
Abraxas Power firmographics
Firmographics- Name
- Abraxas Power
- Legal name
- Abraxas Power Corp.
- Website
- https://abraxaspower.com
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Abraxas Power Corp. is a Toronto-based private energy transition developer founded in 2022 that develops mega-scale renewable energy and Power-to-X infrastructure projects — including the EVREC green hydrogen and ammonia project in Newfoundland and Project Solar City floating solar in the Maldives — to decarbonize hard-to-abate industrial sectors and serve sovereign government and European industrial offtake markets.
- Ownership category
- akta.pro rank
Abraxas Power industry classification
Industry- Product category
- Renewable Energy Project Development
- NAICS
- Electric Power Generation (22111), Wind Electric Power Generation (221115), Solar Electric Power Generation (221114), Electric Power Generation, Transmission and Distribution (2211)
- SIC
- Electric Services (4911)
- akta.pro primary industry
- Wind Power Plant EPC (Onshore/Offshore) (EUAEAAAF)
Keywords
Where Abraxas Power is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices2 records
Markets served
Abraxas Power business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Supply Chain, Infrastructure, Personnel, Operations, Technology or R&D
Revenue model
- Green Ammonia Production and Export: EVREC project produces approximately 1 million tonnes per year of 100% green-certified ammonia for export to global markets, predominantly Western Europe, under RFNBO pre-certified standards. Revenue is generated through long-term offtake agreements with industrial buyers.
- Green Hydrogen Production: EVREC anticipates generating approximately 160,000–200,000 tonnes of green hydrogen annually, sold domestically and exported as hydrogen or converted to ammonia for global markets.
- Solar Project Development Fees and Royalties: Development of distributed solar projects (e.g., rooftop solar at Maldives hospital and resort) generating revenue through power purchase agreements (PPAs) with co-located businesses. RE Royalties provides secured loan financing in exchange for a 2.0% gross revenue royalty.
- Government Infrastructure Development (SEZ): Development of Special Economic Zone infrastructure in the Maldives (Project Solar City) where Abraxas acts as master developer, with total SEZ investment expected to exceed USD 187 million and project investment exceeding USD 100 million.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Abraxas Power product offering
Product offeringCore offering
Abraxas Power is a global energy transition developer that originates, develops, and delivers large-scale renewable energy infrastructure projects. Its core offerings are mega-scale Power-to-X developments that combine utility-scale wind and solar generation with electrolysis-based green hydrogen production, green ammonia synthesis, energy storage, and dedicated port export infrastructure. The company sells green hydrogen, green ammonia, and renewable electricity to industrial buyers and governments under long-term offtake agreements and power purchase agreements.
Product overview
Abraxas Power is an energy transition developer offering a portfolio of large-scale renewable energy development projects rather than a unified software product. The company's core offerings consist of three main projects: (1) EVREC - a mega-scale P2X green hydrogen and ammonia production facility in Newfoundland, Canada featuring onshore wind generation, energy storage, and ammonia production; (2) Project Solar City/Luminosity - a 100 MW floating solar and island reclamation project in the Maldives; and (3) Global Origination - a development initiative targeting projects across North America, Europe, and Asia. These projects are delivered through strategic partnerships with global institutions, OEMs, utilities, and governments to provide large-scale, technically robust clean-energy infrastructure.
Differentiator
Problem solved
Functional benefit
Products and services
- EVREC (Exploits Valley Renewable Energy Corporation) A mega-scale Power-to-X project on 300 sq. km of Crown Lands in central Newfoundland, Canada, producing approximately 160,000-200,000 tonnes of green hydrogen and approximately 1 million tonnes of 100% green-certified ammonia per year from up to 3+ GW of onshore wind and solar generation, with molecular and energy storage and dedicated port infrastructure at the Port of Botwood for export to global markets.
- Project Solar City (Luminosity)
Quantifiable outcome
- 1 million tonnes of green ammonia per year produced by EVREC; ~190,000 tonnes of green hydrogen per year
- +6 more outcomes
Companies that use Abraxas Power
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles3 records
Abraxas Power technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Abraxas Power partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered flagship / marquee, core and supporting.
- Government of the Maldivesflagship / marqueeAbraxas signed an Investment Agreement with the Government of the Maldives for development of Project Solar City, following which the President of the Maldives issued a Presidential Decree designating the project area as a Special Economic Zone under the SEZ Act — the first-ever Presidential Decree issued under this framework.
- EDF Group (EDF power solutions)flagship / marqueeEDF Group entered into strategic development agreements with Abraxas to jointly develop the EVREC green hydrogen and ammonia project in Central Newfoundland as equity partners. The partnership aims to reach a final investment decision (FID) in 2026 with construction from 2026 through 2030. EDF is one of the world's largest energy companies and a leader in low-carbon energy, bringing global experience and capital to the EVREC project.
- Exploits Marine and Logistics Inc. and Exploits Valley Port CorporationcoreEVREC signed a 30-year Master Lease Option Agreement with Exploits Marine and Logistics Inc. and Exploits Valley Port Corporation for use of the Port of Botwood. The agreement facilitates green hydrogen and ammonia production operations, transmission, and loading onto marine transport vessels for export to Europe and global markets. A separate five-year Construction Lease Option Agreement was also signed.
- CertifHy / Bureau Veritas / HiniciocoreAbraxas partnered with CertifHy (EU RFNBO certification provider), Hinicio (renewable hydrogen consultancy), and Bureau Veritas (certification body recognized under CertifHy EU RFNBO Scheme) to undertake pre-certification of EVREC's green hydrogen and green ammonia as Renewable Fuels of Non-Biological Origin (RFNBO) under the European Renewable Energy Directive (RED II). Bureau Veritas assessed EVREC's plant operations, and Hinicio conducted a comprehensive lifecycle compliance review.
- McDermott International / CB&IcoreCB&I, a wholly owned subsidiary of McDermott International, was selected for an early contractor involvement (ECI) agreement with EVREC. McDermott provides front-end engineering design (FEED), engineering, procurement, and construction (EPC) execution planning services, and open book EPC cost estimates for the hydrogen production, ammonia processing, and product storage portion of the EVREC project.
- Qalipu Nation (First Nations)coreEVREC executed a Social License/MOU with the Qalipu Nation covering procurement, construction, employment, economic opportunities, environmental monitoring, and protection of areas of cultural and spiritual significance. This agreement aligns with Newfoundland and Labrador government consultation requirements for Indigenous engagement.
- Port of Antwerp-BrugessupportingEVREC signed an MOU with the Port of Antwerp-Bruges to explore collaboration on green ammonia export logistics and market access. The partnership supports EVREC's export strategy to Western European markets.
- Town of Botwood and Exploits Valley Region MayorscoreEVREC has signed exclusive agreements with the Town of Botwood and Exploits Valley Port Corporation, and received an open letter of support signed by eight mayors of the surrounding Exploits Valley Region communities. These agreements cover land lease arrangements and a Community Benefits Agreement supporting local economic revitalization.
Scale indicators18 records
Recent moves7 records
Expansion highlights6 records
Abraxas Power competitors and assessment
Company assessmentBroad incumbents
- Air Products and Chemicals: Global industrial gas major and the largest Western hydrogen producer, with multi-billion-dollar blue and green hydrogen project pipeline (e.g., NEOM). Comparable as a green ammonia offtaker and competitor for European RFNBO demand.
- Ørsted: Global offshore wind leader pivoting into green hydrogen and Power-to-X. Comparable in renewable generation platform expanding into hydrogen/ammonia production, though with much larger existing wind operating base.
- Statkraft: Europe's largest renewable energy generator, developing green hydrogen projects in Norway and across Europe. Comparable as a state-affiliated renewable developer entering hydrogen production.
- Iberdrola: Spanish integrated utility with significant green hydrogen project pipeline in Europe and Latin America. Comparable as a vertically integrated renewable developer moving into P2X and RFNBO markets.
Emerging players
- Stegra (formerly H2 Green Steel): Swedish industrial decarbonization company building large-scale green hydrogen infrastructure to supply green steel production. Comparable as an industrial offtaker-developer using green hydrogen/ammonia at scale.
- Nel ASA: Norwegian electrolyzer manufacturer and project developer focused on green hydrogen infrastructure. Comparable in P2X technology focus and emerging-market hydrogen projects, though upstream equipment-anchored.
Direct peers
- CWP Global: Independent renewable energy developer building globally distributed green hydrogen and ammonia mega-projects (Africa, Australia, Europe). Most directly comparable to Abraxas in business model, project scale, and Power-to-X focus.
- Fortescue Future Industries: Fortescue's green energy arm developing global green hydrogen and ammonia projects (Australia, Brazil, Kenya, Egypt). Comparable in project developer profile, export-to-Europe strategy, and Power-to-X focus.
- NEOM Green Hydrogen Company: Joint venture of ACWA Power, Air Products, and NEOM building one of the world's largest green hydrogen and ammonia facilities in Saudi Arabia. Comparable in green ammonia output targeting and export-oriented P2X scale.
- Masdar: UAE state-backed renewable energy developer with a multi-gigawatt green hydrogen pipeline targeting European offtake. Comparable in mega-scale green ammonia export ambitions and sovereign partnership model.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
Abraxas Power social profiles
Digital presenceAbraxas Power financial estimates
Financial estimateRevenue estimate
Valuation estimate
Abraxas Power leadership team
Management profileNumber of profiles
Profiles5 records
Abraxas Power subsidiaries and ownership
Company hierarchySubsidiaries3 records
Abraxas Power funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Abraxas Power M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Abraxas Power
What does Abraxas Power do?
Abraxas Power is a global energy transition developer that originates, develops, and delivers large-scale renewable energy infrastructure projects. Its core offerings are mega-scale Power-to-X developments that combine utility-scale wind and solar generation with electrolysis-based green hydrogen production, green ammonia synthesis, energy storage, and dedicated port export infrastructure. The company sells green hydrogen, green ammonia, and renewable electricity to industrial buyers and governments under long-term offtake agreements and power purchase agreements.
Is Abraxas Power a public or private company?
Abraxas Power is a private company. It is classified as venture growth investor backed and is currently operating.
When was Abraxas Power founded?
Abraxas Power was founded in 2022. It employs 101 to 250 people.
Where is Abraxas Power based?
Abraxas Power is headquartered in Toronto, Canada, in the North America region.
How does Abraxas Power make money?
Four revenue lines are on record. Green Ammonia Production and Export is the primary driver. The others are green Hydrogen Production, solar Project Development Fees and Royalties and government Infrastructure Development (SEZ).
Who are Abraxas Power's main competitors?
Broad incumbents on record are Air Products and Chemicals, Ørsted, Statkraft and Iberdrola. Emerging players are Stegra (formerly H2 Green Steel) and Nel ASA. Direct peers are CWP Global, Fortescue Future Industries, NEOM Green Hydrogen Company and Masdar.
Does Abraxas Power have an API?
No public API is recorded for Abraxas Power.
What industry is Abraxas Power in?
Abraxas Power's product category is Renewable Energy Project Development. Its primary akta.pro industry code is EUAEAAAF, Wind Power Plant EPC (Onshore/Offshore). Its NAICS code is 22111 and its SIC code is 4911.