Ørsted and POSCO reaffirm pioneering collaboration for offshore wind power and green hydrogen in Korea

Ørsted, the global offshore wind leader, signed a second memorandum of understanding (MoU) with POSCO Holdings to reaffirm their cooperation on offshore wind and green hydrogen in Korea. This agreement was made between Ørsted Group (Ørsted Wind Power Holding A/S and its affiliates) and POSCO Holdings, the holding company of the POSCO group.
(from left) Per Mejnert Kristensen, president of Ørsted Asia-Pacific; Jeong Ki-seop, representative director & president / CSO, POSCO Holdings; Jack Maxwell Sawyer, commercial director of Ørsted Asia-Pacific
On 19 June 2023, the signing ceremony for this agreement between Ørsted and POSCO Holdings was held at Ørsted APAC hub in Taipei.  It was attended by representatives from both companies, including Per Mejnert Kristensen, President of Ørsted Asia-Pacific, and Ki-Seop Jeong, Representative Director & President / CSO, POSCO Holdings. 

Ørsted and POSCO recognize that renewable energy is the solution to decarbonize steel and can help create a virtuous cycle. To really make that happen, massive and fast buildouts of renewable energy is key.

Under the MoU, Ørsted and POSCO will develop a long-term strategic partnership in the offshore wind and green hydrogen sectors in Korea. The future cooperation is also expected to include Korea offshore wind and joint studies for green hydrogen projects and associated businesses in the country.

POSCO is one of Ørsted’s strategic global suppliers of steel, having supplied more than 120,000 tons of steel to Hornsea 2 in the U.K., the world’s largest offshore wind farms, and to the foundation suppliers of the 900 MW Greater Changhua 1 and 2a in Taiwan, one of Asia Pacific’s largest offshore wind farms under construction. Based on the long-term partnership between the two companies, Ørsted and POSCO previously signed a memorandum of understanding to strengthen collaboration on offshore wind and renewable hydrogen in May 2021.

As a leading offshore wind developer with a science-based target of net-zero emissions across our full value chain by 2040, Ørsted is committed to working with our suppliers to cut emissions linked to the production and installation of offshore wind farm components – particularly steel.

Per Mejnert Kristensen, President of Ørsted Asia-Pacific, says: “This agreement between Ørsted and POSCO’s has great potential to boost the renewable energy sector in Korea, accelerate changes in the regional energy sector and create a more sustainable future. We hope this collaboration will lead to successful offshore wind projects in Korea, and help us pioneer new renewable solutions together such as green hydrogen.”

He continues, “In Asia-Pacific, Ørsted can create incentives for our suppliers to invest in lower emission steel solutions and help scale breakthrough technologies to commercial viability. Together with our strategic suppliers we have the possibility to mature, test and integrate low emission solutions in our wind farms.”

Over the past 15 years, Ørsted has transformed from a fossil fuel-based energy company to a global leader in renewable energy. At present, Ørsted operates 15.5 GW of renewable energy assets, while 4.9 GW are under construction across technologies. Ørsted has been awarded an additional 10.6 GW and has a renewable project pipeline of ~114 GW.  

As the world leader in offshore wind power, Ørsted has developed a total of 8.9 GW offshore wind farms and operates 28 offshore wind farms. 

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