ENGIE and POSCO inked an MOU to explore joint development opportunities for green hydrogen production and related infrastructure in the Middle East, Australia and Latin America.

Under the MOU, ENGIE will leverage its existing industrial-scale renewable hydrogen value-chain experience to support POSCO’s hydrogen production. The MOU sets to support POSCO’s objective of securing a steady, competitively priced supply of green hydrogen, enabling its transition to green steelmaking and to participation in green hydrogen economy.

The MOU supports ENGIE’s ambition to achieve net-zero carbon by 2045, and POSCO’s ambition to realize a green hydrogen base in their steel business by 2050 and become a leader in the age of post-carbon hydrogen in steel-making, fostering the growth of hydrogen ecosystem across the entire value chain.

Both parties will cooperatively explore the business opportunities in potential projects in connection with the production, and supply of hydrogen/ammonia and the development of related infrastructures.

"As this new strategic alliance with POSCO demonstrates, the steel industry is embracing the transition to net-zero as leaders around the world seek to achieve ambitious climate goals. With growing interest in low carbon green steel solutions, we are pleased to be signing this MOU today to support POSCO’s ambitions," said Frederic Claux, Managing Director, Thermal & Supply AMEA, ENGIE. "We are convinced that hydrogen is a key energy carrier to drive us forward to a carbon-neutral economy, in addition to renewable energy."