08:52 AM EDT, 09/04/2024 (MT Newswires) -- Exxon Mobil ( XOM ) said Wednesday that Abu Dhabi's National Oil Company signed a deal to acquire a 35% equity stake in its proposed low-carbon hydrogen and ammonia production facility in Baytown, Texas.

Financial terms weren't disclosed.

A final decision on the investment is expected in 2025, with the facility projected to start production in 2029 pending regulatory permits, the company said.

Exxon Mobil ( XOM ) described the agreement as "a significant investment in the US' energy production and the global energy transition."

Price: 115.33, Change: -0.14, Percent Change: -0.12