Ørsted, Posco Ink Offshore Wind, Green Hydrogen MoU

Thursday, May 27, 2021

Denmark-based offshore wind developer Ørsted has signed a memorandum of understanding with South Korea's Posco to collaborate in the space of offshore wind and renewable hydrogen.

Under the agreement, Posco will support the development of Ørsted's 1.6 GW offshore wind projects off the coast of Incheon City. The two companies have also agreed to carry out feasibility studies on potential collaboration on renewable hydrogen.

South Korea has set a target of installing 12 GW offshore wind capacity by 2030. In September 2020, Korean President Moon Jae-in further announced the Green New Deal which targets net-zero emissions by 2050. 

"With this MoU, Ørsted takes another significant step, in addition to the company's flagship Incheon projects, in pioneering renewable energy development in Korea and supporting Korea in the country's transition to clean energy," Ørsted said Thursday.

Jung-son Chon, POSCO Group Senior Executive Vice President, said, "POSCO has placed its hydrogen business as one of our growth engines for the group and is working to discover renewable hydrogen business opportunities. We hope to see our renewable hydrogen business pick up speed through this business collaboration with Ørsted. Combining the operational know-hows of Ørsted, a global company in the field of offshore wind and renewable hydrogen, with the business capabilities of POSCO Group, which includes construction and energy, both companies will be able to create synergies for a win-win collaboration."

Mads Nipper, Group President and CEO of Ørsted, says: "With a vision of creating a world that runs entirely on green energy, Ørsted transformed from a fossil-fuel intensive utility to the world's most sustainable energy company. We are determined to be a global catalyst for systemic change and to help countries and companies undertake their green transformation through scaling existing green energy solutions such as wind and solar and developing and scaling new green solutions such as hydrogen. It is wonderful that we could announce the MoU with POSCO during the P4G summit in Korea, which gathers global thought leaders and decision-makers to work towards achieving Sustainable Development Goals and creating a more sustainable world."

Matthias Bausenwein, President of Ørsted Asia-Pacific, says: "This MoU is a major step for Ørsted to deepen our collaboration with POSCO, which shares our mindset of taking responsibility for reducing CO2 emissions. We look forward to bringing in our experience and insights to support Korea in achieving its energy transition and decarbonisation goals. With the Danish state as our majority owner, Ørsted is committed to working with local partners and suppliers across the value chain to build a vibrant Korean offshore wind industry through our 1.6 GW Incheon projects and potential more buildouts in other regions of the country. In addition to greening the electricity mix, offshore wind can become the feedstock for renewable hydrogen which can help decarbonising sectors that cannot be directly electrified such as transport and heavy industry."

Ørsted recently started construction of its first renewable hydrogen demonstration project H2RES in Denmark and is involved in nine renewable hydrogen projects in Denmark, Germany, the Netherlands, and the United Kingdom.

Categories: Offshore Wind Asia Green Hydrogen

Related Stories

Petronas to Leverage AI to Expedite Oil and Gas Exploration Activities

Synergy Marine Group Completes Conversion of LNG Vessel to FSRU

PTTEP Hires McDermott for Deepwater Subsea Job off Malaysia

Japan Picks Wood Mackenzie to Assess Trump-Backed Alaska LNG Scheme

Marco Polo Picks Salt Ship Design for Next-Gen Offshore Energy CSOV

CNOOC Brings Online Another Oil and Gas Project in South China Sea

Technip Energies Gets FEED Job for Inpex’ Abadi LNG Project in Indonesia

Keppel, Seatrium in $53M Arbitration Case Over Brazil Corruption Scheme

Cheniere, JERA Ink Long-Term LNG Sale and Purchase Agreement

CDWE Wraps Up Pin Pile Installation Job for Taiwanese Offshore Wind Farm

Current News

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Petronas to Leverage AI to Expedite Oil and Gas Exploration Activities

Brownfield Output Decline Accelerates, says IEA

PV Drilling Takes Ownership of Noble Corporation’s Stacked Jack-Up Rig

Hanwha Ocean Enlists ABB for Singapore’s First Floating LNG Terminal

Aquaterra Energy Nets Subsea Analysis Contracts with INPEX off Indonesia

POSH Set to Tow Nguya FLNG from China to Eni’s Congo Field

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com