ACWA Power signs MoU with POSCO Holdings
Published by Bella Weetch,
Editorial Assistant
Global Hydrogen Review,
ACWA Power, a leading Saudi developer, investor and operator of power generation, desalinated water and green hydrogen plants worldwide, has announced that it has signed a Memorandum of Understanding (MoU) with POSCO Holdings, the holding company of South Korea’s POSCO Group.
The agreement will involve the joint development of green hydrogen and its derivatives such as green ammonia, to decarbonise POSCO Group’s power generation, and its steel manufacturing processes, along with serving other Korean clients of POSCO Group.
Green hydrogen and ammonia produced by the partners through new green field investments will support POSCO Group’s ambitious targets to produce 500 000 t of hydrogen globally by 2030. POSCO Group’s output will be used in applications across diverse industries including the company’s own power generation needs, construction and energy, and will support other industrial off-takers in South Korea.
As of 2021, POSCO, the steelmaking company of POSCO Group, has the capacity to produce 42.9 million t of steel, making it the sixth largest steel producer in the world, and the largest in its home country of South Korea.
ACWA Power, alongside Saudi Arabia’s NEOM and Air Products, is developing the first at-scale green hydrogen project in Saudi Arabia. When complete in 2026, the project will produce 1.2 million tpy of green ammonia for the purposes of decarbonising industries, making it the world’s largest facility of its kind.
Read the article online at: https://www.globalhydrogenreview.com/hydrogen/19072022/acwa-power-signs-mou-with-posco-holdings/
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