Abraxas Power

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

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

• Renewable energy development
• Green hydrogen production
• Green ammonia projects
• Power-to-X infrastructure
• Floating solar development

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Infrastructure, Personnel, Operations, Technology or R&D

Revenue model

1. 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.
2. 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.
3. 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.
4. 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

Core 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

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered flagship / marquee, core and supporting.

• Government of the Maldivesflagship / marqueeStrategic or Co-development Partner · 1 January 2025Abraxas 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 / marqueeStrategic or Co-development Partner · 18 November 2024EDF 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 CorporationcoreStrategic or Co-development Partner · 10 October 2024EVREC 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 / HiniciocoreTechnology or Integration · 27 September 2024Abraxas 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&IcoreImplementation/ SI/ Consulting Partner · 17 June 2024CB&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)coreStrategic or Co-development Partner · 1 January 2023EVREC 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-BrugessupportingStrategic or Co-development Partner · 1 January 2023EVREC 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 MayorscoreStrategic or Co-development Partner · 1 January 2023EVREC 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

Broad 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

• LinkedInlinkedin.com/company/abraxas-power

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Abraxas Power