Global steelmaker POSCO has signed a memorandum of understanding (MoU) with ZeroC, a subsidiary of renewable energy company Greenko to make green hydrogen, and to jointly pursue opportunities in renewables, and other derivatives of green hydrogen.
In a joint statement, both the companies said that this MoU will contribute towards the mission of making India a green hydrogen hub.
Anil Kumar Chalamalasetty, CEO and Managing Director at Greenko said: “We are excited to be partnering with POSCO, 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."
Under a memorandum of understanding signed at a trade fair on the northwestern outskirts of Seoul, POSCO Holdings and Greenko will carry out a feasibility study on green hydrogen production after discovering a proper site by the end of 2022. Greenko, which is majority owned by Singapore’s sovereign wealth fund GIC, runs about 7.5 gigawatts capacity of renewable energy facilities in India.
POSCO Holdings said that the production of green hydrogen and ammonia in India will be based on pumped-storage hydroelectricity, which generates electricity by pumping and storing water into a high-lying reservoir at night and dropping water in the daytime when power consumption is high.
“Through cooperation with Greenko, we will successfully establish a green hydrogen production model in India and prepare to supply green hydrogen and ammonia that are required in South Korea and Europe," POSCO Holdings’ hydrogen business head Cho Joo-ik said in a statement.
The development comes at a time when energy companies in India including the government owned companies are diversifying their portfolio and investing in renewable energy as the government has set a target for the country to turn carbon neutral by 2070.
