Green hydrogen exploitation plays a crucial role in achieving carbon neutrality by 2050. Hydrogen, in fact, provides a number of key benefits for the energy system, due to its integrability with other clean technologies for energy production and consumption. This paper is aimed at presenting the project of recovery of an abandoned industrial area located in central Italy by developing a site for the production of green hydrogen. To this aim, the analysis of the territorial and industrial context of the area allowed us to design the project phases and to define the sizing criteria of the hydrogen production plant. The results of a preliminary cost–benefit analysis show that a huge initial investment is required and that, in the short term, the project is sustainable only with a very large public grant. On the other hand, in the long term, the project is sustainable, and the benefits significantly overcome the costs.