Korean steel maker Posco Holdings has partnered with Greenko ZeroC (GZC), a subsidiary of Greenko Group and John Cockerill, for supply of green hydrogen/ammonia to Posco Holdings and joint production and export of green hydrogen/ammonia in export oriented special economic zones.
The partnership will also explore opportunities in production of renewable energy in India and use of steel materials from Posco in the development of infrastructure for potential projects, the companies said in a press statement.
“India is one of the most strategic hydrogen production hub due to its ample renewable energy sources coupled with progressive government policies,” said Chou, Executive Vice President (Hydrogen), Posco, adding that Greenko is right partner for green hydrogen and Ammonia due to their ability to provide round the clock renewable energy coupled with local electrolysers. “We would like to enhance cooperation to produce Green Ammonia and Hydrogen for export markets in Asia and Europe,” he added.
Posco, one of the largest steelmakers in the world, has announced its plan to achieve carbon neutrality by 2050 and is exploring and developing hydrogen business models.
Renewable energy company Greenko is replacing fossil fuels with integrated decarbonized energy and grid assets enabling sustainable and affordable energy, with a net installed capacity of 7.5 GW across 15 states in India. Its development pipeline includes nearly 100 GWh of pumped hydro storage projects enabling round-the-clock RE power and foray into the green molecules business including a giga-watt capacity electrolyzer facility in India.
“This pioneering partnership will propel the transformation of India from a carbon-based fossil energy importer to an exporter of renewable energy derived products like green hydrogen, green ammonia and green molecules,” said Anil Kumar Chalamalasetty, CEO, Greenko.
Last month, Greenko tied up with Aditya Birla Group’s metal flagship, Hindalco Industries to set up a renewable energy project for the supply of 100 MW of round-the-clock carbon-free power. The two companies will also work together to develop 375-400 MW of solar and wind power capacity. The project is in line with Hindalco‘s target to become net carbon neutral by 2050.