Offshore wind company RWE signed a memorandum of understanding (MoU) with Hyundai Motor Group’s subsidiary, Hyundai Engineering & Construction (Hyundai E&C) on Wednesday, to cooperate in the field of offshore wind and green hydrogen.
The renewable energy firm said it aims to accelerate energy transition in South Korea through promotion of offshore wind along with contributing to ramping up hydrogen economy. The deal was signed in Seoul, in the presence of Young-joon Yoon, executive chief of Hyundai E&C and Sven Utermöhlen, CEO of RWE.
RWE said this collaboration intends to work together and develop offshore wind projects in South Korea in line with the country’s Net Zero 2050 target and the government’s plan to increase renewable energy capacity to 108.3 gigawatts by 2036.
Hyundai and RWE also envisions to explore jointly offshore wind business opportunities on a global scale, said the firm. Additionally, both companies plan to combine Hyundai’s hydrogen experience from its Korean electrolysis plant for hydrogen production with RWE’s hydrogen expertise from various projects along the entire value chain for future green hydrogen projects.
Utermöhlen said, “Korea is one of the most attractive markets for the development of offshore wind and green hydrogen.”
“In Hyundai E&C we have a strong partner at our side who shares our values and ambition to drive the growth of green energy and together, we will be able to achieve even more to advance the energy transition – for the benefit of society and our stakeholders,” he added.
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