South Korean company to buy 20% stake in Newfoundland green hydrogen project

📆 5/17/2023 5:11 PM
📰 financialpost

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Newfoundland green hydrogen plant set to be one of the biggest in the world is getting a $50 million boost from SK Ecoplant Co. Read more

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The renewable energy unit of SK Inc. will buy a 20 per cent stake in the facility in the eastern province of Newfoundland and Labrador for US$50 million, it said in a statement. The project will produce green hydrogen and then covert it to ammonia to be exported to Europe from 2026, it said.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.

Hydrogen is made by electrolysis, a process that sends an electric current through water to split hydrogen atoms from oxygen. To count as green hydrogen, the electricity must come from renewable sources. While it’s widely tipped to play in a major role in weaning the world off fossil, the technology is in its early stages and still isn’t cost competitive with other types of fuel.Article content

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