POSCO plans USD-40bn funding in Aussie inexperienced hydrogen, metal by 2040

December 2 (Renewables Now) – South Korean steelmaker POSCO Group has set out plans to take a position, with companions, USD 40 billion (EUR 38.3bn) in inexperienced hydrogen and inexperienced metal in Australia by 2040.

The corporate intends to take a position USD 28 billion within the manufacturing of hydrogen by way of renewable power and electrolysis with the purpose of producing 1 million tonnes of hydrogen in Australia by the tip of the subsequent decade. An additional USD 12 billion might be invested in inexperienced metal.

“We see Australia as an important nation by way of funding for us to safe hydrogen which is important for hydrogen metal manufacturing,” stated POSCO Group chief govt Jeong-woo Choi. He met with Australia’s prime minister Anthony Albanese in Canberra to debate cooperation on eco-friendly tasks on Thursday, after the forty third Australia-Korea Enterprise Council assembly the times earlier than in Sydney.

POSCO is trying to produce inexperienced hydrogen utilizing large-scale and aggressive renewable power corresponding to photo voltaic and wind after which use it to fabricate scorching briquetted iron (HBI). The corporate sees Australia as an excellent location for hydrogen improvement given its land availability, wealthy photo voltaic and wind sources, in addition to progressive legal guidelines and good enterprise setting.

“The enterprise and funding plans of the POSCO Group in Australia are according to the route of the insurance policies being promoted by the federal government of Australia,” prime minster Albanese commented in POSCO’s assertion.

POSCO says it has spent greater than KRW 4 trillion (USD 3.1bn/EUR 2.9bn) in Australia on growing sources together with iron ore, lithium and nickel.

(USD 1 = EUR 0.957)

(KRW 1 = USD 0.001/EUR 0.001)

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