November 29, 2024

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Head of Posco Holdings’ hydrogen business projects Cho Joo-ik (third from left) and Head of New Energy at Greenko Gautam Reddy Kumbam (fourth from left) pose for a photo after signing an agreement on Thursday. (Posco Holdings)

Posco Holdings said Thursday that it has clinched a deal with India’s second-largest renewable energy company Greenko to cooperate in green hydrogen and ammonia production in India, as part of the steelmaker’s push toward eco-friendly energy business.

Green hydrogen refers to hydrogen generated by renewable energy or from low-carbon power. It has significantly lower carbon emissions than grey hydrogen, which is produced by steam reforming of natural gas. Green ammonia, a clean fuel source for generating electricity and powering ships, is made with hydrogen that generated from water electrolysis and nitrogen separated from air.

The agreement ceremony was held at H2 MEET, the world’s largest exhibition exploring the potential of hydrogen which kicked off on Wednesday.

The two firms will kick off a feasibility study or green hydrogen project by confirming the business site within this year.

“India owns excellent electrical grid infrastructure and abundant resources for solar energy and wind energy, making it an outstanding environment to produce renewable energy. India is Posco’s one of the most important strategic locations for large-scale green hydrogen project, along with the local government’s active support for hydrogen economy,” said Cho Joo-ik who leads Posco Holdings’ hydrogen business projects.

Posco said it aims to successfully launch the green hydrogen model in India and prepare for the next step to supply green hydrogen and ammonia to clients in Europe and South Korea.

Greenko is an Indian renewable company that uses integrated decarbonized energy technology and electrical grid assets to create sustainable and affordable energy, with a net installed capacity of 7.2 gigawatt across 15 states in India.

Most recently, Greenko has signed a deal to supply up to 6 gigawatts per hour of power to world’s third-largest industrial complex, run by Adani Group. The power will come from Greenko’s pumped-hydro storage located in India.

By Kim Da-sol (ddd@heraldcorp.com)