POSCO Holdings is promoting a green hydrogen production project with Greenko, India’s second largest renewable energy company.
POSCO Holdings and Greenko signed a ‘memorandum of understanding for cooperation in the green hydrogen/ammonia project’ at H2 MEET in KINTEX, Ilsan, on 1st September, attended by Ju-ik Cho, head of POSCO Holdings Hydrogen Business, and Gautam Reddy Kumbam, COO and Head of New Energy of Greenko.
The two companies plan to promote green hydrogen/ammonia production project based on renewable energy and pumped-storage hydroelectricity (PSH) in India through the MOU.
Greenko is the second largest renewable energy company in India invested by the Singaporean sovereign wealth fund (GIC) and the Abu Dhabi Investment Authority (ADIA), with a renewable energy equipment scale of 7.2GW.
Greenko is focusing on a business model of supplying green power at competitive prices by maximizing renewable energy such as wind power and solar power through pumped-storage hydroelectricity.
Ju-ik Cho, head of POSCO Holdings Hydrogen Business said, “India has abundant solar, wind resources, and excellent power grid infrastructure, making it a great environment for renewable energy production. The Indian government is also preparing an active hydrogen economy support policy, and it is one of the strategic production bases for POSCO Group, which is developing large-scale overseas green hydrogen projects. Through cooperation between the two companies, we will successfully establish a green hydrogen production model in India and prepare to supply green hydrogen and ammonia needed in Korea and Europe regions in the future.”
Gautam Reddy Kumbam, COO and Head of New Energy of Greenko said, “Greenko can stably supply green power required for hydrogen production 24 hours a day by using a business model that links renewable energy and pumped-storage hydroelectricity. We expect to create synergy in green hydrogen and ammonia production through cooperation between the two companies.”
After the signing of the MOU, the two companies plan to discover an appropriate business site within this year and start reviewing the feasibility of the green hydrogen project.