ENGIE and POSCO have signed a Memorandum of Understanding (MoU) to investigate cooperative development potential in the Middle East, Australia, and Latin America for green hydrogen generation and related infrastructure.
ENGIE will use its current industrial-scale renewable hydrogen value-chain knowledge to help POSCO’s hydrogen generation under the terms of the MoU. The MoU aims to help POSCO achieve its goal of ensuring a consistent, low-cost supply of green hydrogen, allowing it to shift to green steelmaking and participate in the green hydrogen economy.
ENGIE’s Thermal & Supply Managing Director for Asia, the Middle East, and Africa, Frederic Claux, and POSCO’s Byeong-Og Yoo, Head of Green Materials & Energy Business Team and Senior Executive Vice President, signed the MoU.
The MoU supports ENGIE’s goal of becoming carbon-neutral by 2045, as well as POSCO’s goal of achieving a green hydrogen base in their steel business by 2050 and becoming a leader in the age of post-carbon hydrogen in steel production, while also fostering the growth of the hydrogen ecosystem across the entire value chain.
“As this new strategic cooperation with POSCO indicates, the steel industry is embracing the shift to net-zero as leaders around the world aim to reach ambitious climate targets,” said Frederic Claux, Managing Director, Thermal & Supply AMEA at ENGIE, speaking at the signing of the MoU. We are glad to sign this MoU today to assist POSCO’s aspirations, given the rising demand for low-carbon green steel solutions. In addition to renewable energy, we believe hydrogen is a critical energy carrier for moving us toward a carbon-neutral economy.”
“By focusing our growth objectives on renewable energy and green hydrogen generation, we can support the most energy-intensive industries, such as steel manufacturing, and help them cut CO2 emissions,” Claux continued. This newest collaboration marks a watershed moment for ENGIE as we work to accelerate the transition to a green economy.”
“Steel production is experiencing substantial upheaval as governments and businesses increasingly embrace the drive toward carbon neutrality,” said Byeong-Og Yoo, Head of Green Materials & Energy Business Team and Senior Executive Vice President at POSCO. In order to facilitate the transition to green steel-making, POSCO plans to build a hydrogen production capacity of seven million tons by 2050, making it one of the top ten producers in the world.”
“ENGIE is a perfect match for our production aims as part of our strategy to build a worldwide supply of hydrogen in nations focusing on renewable energy and low-cost natural gas resources,” he said. We look forward to working together to co-develop the green hydrogen value chain, advance our mutual net-zero agendas, and help the larger energy transformation, with ENGIE’s expertise in large-scale renewable hydrogen generation.”
Both parties will work together to investigate economic prospects in future projects involving hydrogen/ammonia generation and delivery, as well as the development of related infrastructure.
