Saudi Arabia’s ACWA Power has signed a memorandum of understanding (MoU) with POSCO Holdings Inc, the holding company of South Korea’s steel producer POSCO Group, to jointly explore projects for the production of green hydrogen and green ammonia.
The initiative will require new greenfield investments as the partners aim to decarbonise POSCO group’s operations and that of its clients in South Korea. POSCO group will use green hydrogen and ammonia for steel making, power generation and other industrial processes. The South Korean company has set a target to produce 500,000 tonnes of hydrogen globally by 2030.