Saudi Arabia’s ACWA Power, Riyadh, and South Korean steel producer POSCO Holdings, Pohang, a holding company for POSCO Group, on July 19 announced the signing of a Memorandum of Understanding (MOU) to jointly explore production of green hydrogen and green ammonia to decarbonize POSCO’s power generation and steel manufacturing, as well as to serve POSCO clients.
POSCO is targeting the production of 500,000 mt/y of hydrogen by 2030.