South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced that it has signed a memorandum of understanding with India-based renewable energy company Greenko to jointly produce and export green hydrogen in export-oriented special economic zones.
The companies plan to carry out a feasibility study on green hydrogen production after discovering an appropriate business site by the end of 2022 and use POSCO’s steel in the development of infrastructure for potential projects.
“India has an excellent environment for renewable energy production as it has abundant solar and wind resources and excellent power grid infrastructure. Through cooperation between the two companies, we will successfully establish a green hydrogen production model in India and prepare to supply the necessary green hydrogen in Korea and Europe in the future,” Jo Joo-ik, head of the hydrogen business promotion division of POSCO, said.
Greenko runs about 7.5 gigawatts capacity of renewable energy facilities in India.