POSCO Holdings to cooperate with Samsung Engineering, Lotte Chemical, Sarawak Economic Development Corporation Energy, and Malaysian Sarawak Energy for Green Hydrogen Business

POSCO Holdings has signed a Memorandum of Understanding (MOU) on September 7 with Samsung Engineering, Lotte Chemical, and Sarawak Energy for the Sarawak H2biscus Green Hydrogen Project.

Rhea-AI Summary

POSCO Holdings has signed a Memorandum of Understanding (MOU) on September 7 with Samsung Engineering, Lotte Chemical, and Sarawak Energy for the Sarawak H2biscus Green Hydrogen Project. This collaboration aims to produce 200,000 tons of green hydrogen by 2027 using a minimum of 900MW of hydroelectric power. The feasibility study is set to be completed this year, paving the way for a significant hydrogen supply hub in Asia. The project also contributes to Malaysia's national hydrogen economy and supports South Korea's carbon neutrality goals.

Positive

• Signed MOU with key companies for collaboration on green hydrogen.
• Aims to produce 200,000 tons of green hydrogen by 2027.
• Feasibility study to be completed this year for project progression.
• Project supports national hydrogen economy and carbon neutrality goals.
• Plans for utilizing a minimum of 900MW of renewable power.

Negative

• None.

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• Signed an MOU on September 7 for the Sarawak H2biscus Green Hydrogen Project to supply hydroelectric-power-based renewable power.
• The four companies and Sarawak Energy aims to produce green hydrogen from 2027 by conducting joint research to find a stable power supply for hydrogen production and completing the feasibility study by this year.
• "If the discussion on the power supply is successfully progressed, the H2biscus project will be the hub of hydrogen supply in Asia", said Byeong-og Yoo, Senior Executive Vice President.

SEOUL, South Korea, Sept. 15, 2022 /PRNewswire/ -- POSCO Holdings will cooperate with Samsung Engineering, Lotte Chemical, Malaysian Sarawak Economic Development Corporation Energy, and Malaysian Sarawak Energy for Green Hydrogen Business for Sarawak's green H2 business.

On September 7, POSCO Holdings signed an MOU about cooperation on supplying hydroelectric-based renewable power for the Malaysia Sarawak H2biscus Green Hydrogen Project with Samsung Engineering, Lotte Chemical, Sarawak Economic Development Corporation Energy, and Malaysian Sarawak Energy.

This January, POSCO Holdings, Samsung Engineering, and Lotte Chemical signed an MOU with SEDC Energy to build a partnership for the Sarawak green hydrogen project. This time, the new MOU signing for the collaboration of renewable power supply with Sarawak Energy is expected to boost the Sarawak hydrogen project.

With the MOU signed, the five parties agreed to conduct joint research for a stable power supply under the H2biscus project, which will use min. 900MW of power, and check the preparations for substation, power line, and other infrastructural facilities. Based on the result of the co-research, the ongoing feasibility study will be finalized by this year, aiming to start production of green H2 from the end of 2027.

The green hydrogen produced from the Sarawak project will amount to 200,000 tons. Except for 7,000 tons used in Malaysia, the rest of the H2 will be moved to Korea in the form of ammonia, which is expected to help the country facilitate the national H2 economy and achieve the carbon neutrality goal. In particular, POSCO Holdings, Samsung Engineering, and Lotte Chemical will continue to develop green H2 projects overseas to take the lead in introducing green hydrogen to Korea.

Besides, POSCO GROUP is actively taking action to secure differentiated business capabilities and technological prowess over the entire hydrogen value chain from H2 production, transport, storage, and usage. While participating in multiple outstanding projects of green H2 output in Australia and the Middle East, POSCO is also focusing on its capabilities in high-temperature electrolysis technology (producing H2 through electrolysis of water at high temperatures) and ammonia decomposition technology (producing H2 by reforming ammonia). POSCO GROUP aims to grow into the nation's biggest H2 player with the highest demand and supply by equipping itself with the production system for 7 million tons of H2 by 2050, at home and abroad.

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SOURCE POSCO Holdings

FAQ

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What is the Sarawak H2biscus Green Hydrogen Project?

The Sarawak H2biscus Green Hydrogen Project is a collaboration aimed at producing 200,000 tons of green hydrogen utilizing hydroelectric power by 2027.

When was the MOU for the Sarawak H2biscus Green Hydrogen Project signed?

The MOU was signed on September 7.

Who are the partners involved in the Sarawak H2biscus Project?

The partners include POSCO Holdings, Samsung Engineering, Lotte Chemical, Sarawak Economic Development Corporation Energy, and Sarawak Energy.

What are the goals of the Sarawak H2biscus Project?

The goals include producing green hydrogen, conducting joint research for stable power supply, and finalizing the feasibility study by this year.

How will the green hydrogen produced from the project be utilized?

200,000 tons of green hydrogen will be produced, with 7,000 tons used in Malaysia and the remainder shipped to Korea in ammonia form.