Logo of ACWA Power Co.
ACWA Power Co. announced today, July 19, the signing of a memorandum of understanding (MoU) with POSCO Holdings Inc., the holding company of South Korea's steelmaker POSCO Group.
The MoU seeks to let both parties tap opportunities to jointly produce green hydrogen and its derivatives such as green ammonia, with the aim of decarbonizing the power generation and iron manufacturing operations of POSCO Group.
It also aims to provide services relevant to other customers of the group in South Korea, according to a company statement.
By investing in completely new projects, the partners will, through the production of green hydrogen and green ammonia, contribute to achieving POSCO Group’s ambitious goals for the production of 500,000 tons of hydrogen globally by 2030, ACWA Power added.
The group's green hydrogen will be used in a variety of fields and industries, including meeting its own power generation-related needs, while being used for the manufacturing of building materials, energy generation and other South Korea-based industries.
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