POSCO Holdings recently signed a memorandum of understanding (MoU) with Korean Electric Power Corporation (KEPOC) to establish a partnership for hydrogen and ammonia business to promote joint technological development.
“Hydrogen – the new future material, is not only an important raw material for making carbon-free green steel, but also a source of clean energy to achieve zero carbon. It is expected that with this co-operation with KEPOC, we will become the largest supplier in Korea,” said POSCO Group’s Chairman Choi Jeong-woo in a statement.
“We will do our best to advance mutual discussions with this MoU as a starting point and connect it to actual projects so that both the companies can play a major role in creating a hydrogen ecosystem in Korea,” said Jeong Seung-il, president of KEPCO.
Moreover, POSCO holdings and KEPCO aim to jointly invest in domestic, global green and blue hydrogen production projects to understand the economies of scale, and to enhance the competitiveness through hydrogen production infrastructure and joint investment. The key focus areas of the projects will be:
- Hydrogen – ammonia volume exchange (SWAP) plan: It aims to reduce risks caused by external conditions and provide a foothold to complement each other more actively, responding to changes in the business environment.
- Co-fired power generation & CCUS technology: In this project, a joint research will be conducted with the target of reducing carbon emissions, using hydrogen and ammonia as mixed raw materials for the existing coal and LNG power plants and also for the development of CCUS (carbon capture, utilisation and storage) technology.
With this agreement, POSCO Holdings plans to review the joint developments and investment in overseas hydrogen production projects in Saudi Arabia and Chile with an aim to introduce clean hydrogen and ammonia (in collaboration with KEPOC) by CY’27.
Note: This article has been published in accordance with an article exchange agreement between SteelDaily and SteelMint.
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