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Ørsted, POSCO strengthen relationship to collaborate on renewable hydrogen in Korea
© Ørsted

Ørsted, POSCO strengthen relationship to collaborate on renewable hydrogen in Korea

Ørsted has signed a new memorandum of understanding (MoU) today (May 27) with POSCO to expand its relationship and strengthen its collaboration on offshore wind and renewable hydrogen in Korea.

In December 2020, POSCO joined the Korea Government’s decarbonisation declaration announcing its ambition to become a leading renewable hydrogen company and reach carbon neutrality by 2050.

With the signing of this new MoU, the two companies will conduct feasibility studies on a potential collaboration on renewable hydrogen.

In addition to this, POSCO and its affiliates will apply the group’s joint capabilities to support the development of Ørsted’s 1.6GW offshore wind projects off the coast of Incheon City.

Read more: Ørsted begins construction of 1,000kg of hydrogen a day H2RES project

Read more: Ørsted to expand North Sea Port into green hydrogen hub; unveils plans for one of the world’s largest hydrogen production facility

With the MoU and the flagship Incheon projects, Ørsted has taken another significant step in pioneering renewable energy development in Korea and sees value in progressing its projects by integrating hydrogen.

Ørsted has a well-established relationship with POSCO, whose steel business has been one of the strategic global suppliers and a trusted partner supplying over 100,000 tonnes of steel for Ørsted’s Hornsea 1 and three other offshore wind farms.

Jung-son Chon, Senior Executive Vice-President of POSCO Group, said, “POSCO has placed its hydrogen business as one of our growth engines for the group and is working to discover renewable hydrogen business opportunities.

“We hope to see our renewable hydrogen business pick up speed through this business collaboration with Ørsted.

“Combining the operational know-hows of Ørsted, a global company in the field of offshore wind and renewable hydrogen, with the business capabilities of POSCO Group, which includes construction and energy, both companies will be able to create synergies for a win-win collaboration.”

Mads Nipper, Group President and CEO of Ørsted, said, “We are determined to be a global catalyst for systemic change and to help countries and companies undertake their green transformation through scaling existing green energy solutions such as wind and solar and developing and scaling new green solutions such as hydrogen.”

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