SK ecoplant acquires 20% stake in World Energy GH2 green hydrogen project
It will start to produce green hydrogen by March 2025.
South Korea’s SK ecoplant signed an agreement with Canada’s World Energy GH2 to invest $50m in the Nujio’qonik green hydrogen project, acquiring a 20% share in the plan and securing exclusive engineering, procurement, and construction services.
In a joint statement, the companies said SK ecoplant will be providing front-end engineering design services and the installation of electrolysis cells.
The first phase of the project located in Newfoundland in Canada will have a budget of $4.5b to support the generation of 1 gigawatt of wind power and 600 megawatts of solid oxide electrolysis cells and proton exchange membrane electrolysis cells. It will also include the setting up of green ammonia plants.
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Wind power will be used to split water into green hydrogen. The green hydrogen will then be processed to produce green ammonia which will be exported to other continents including Europe.
The project is expected to start producing green hydrogen in March 2025 and green ammonia in March 2025.
It is expected to process 60,000 tons of green hydrogen to around 360,000 tons of green ammonia annually.