Deal to explore the production of green hydrogen and green ammonia
ACWA Power recently announced that it has signed a memorandum of understanding with POSCO Holdings, the holding company of South Korea’s POSCO Group.
The agreement will involve the joint development of green hydrogen and its derivatives such as green ammonia, to decarbonise POSCO Group’s power generation, and its steel manufacturing processes, along serving other Korean clients of POSCO Group.
“The partnership with POSCO Holdings, a giant in their field, represents our firm commitment towards working with like-minded partners to support global decarbonisation efforts,” stated Paddy Padmanathan, Vice Chairman and CEO, ACWA Power.
Green hydrogen and ammonia produced by the partners through new green field investments will support to meet POSCO Group’s ambitious targets to produce 500,000 tonnes of hydrogen globally by 2030, a press communique stated.
ACWA Power is developing the first at-scale green hydrogen project in Saudi Arabia. When complete in 2026, the project will produce 1.2MT of green ammonia per year for the purposes of decarbonising industries, making it the world’s largest facility of its kind.