South Korean steel giant POSCO Holdings and Greenko have signed a memorandum of understanding for cooperation in the green hydrogen & ammonia project at H2 MEET in KINTEX Ilsan in South Korea. The two companies plan to promote green hydrogen & ammonia production project based on renewable energy and pumped-storage hydroelectricity in India through the MoU. POSCO Holdings Hydrogen Business Head Mr Ju-ik Cho 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.” Greenko is the second largest renewable energy company in India invested by the Singaporean sovereign wealth fund and the Abu Dhabi Investment Authority, 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.