South Korean company SK Ecoplant Co. will invest in and help develop a $4.5 billion green hydrogen project in Canada that’s set to be one the largest such plants in the world.
Heesu Lee and Laura Dhillon KaneSignage for SK Group is displayed at the entrance to the company's office in Seongnam, South Korea, on Monday, July 22, 2019. SK Hynix is scheduled to release earnings figures on July 25. Photographer: SeongJoon Cho/Bloomberg , Bloomberg
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 $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. 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.
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