Hazer Group (ASX:HZR) has signed a memorandum of understanding (MoU) with POSCO Steel (KRX:005490) for the collaborative production of low-carbon steel.
Under the two-year, non-binding agreement, both companies will work to integrate Hazer’s hydrogen and graphite production technology into POSCO’s low-carbon steel production.
Both companies will assess the application of Hazer’s low emissions graphite product in various parts of the steelmaking process, alongside an investigation into the applications of Hazer’s graphite outside of steel.
Hazer CEO Glenn Corrie says the steelmaking industry has been one of the company’s key and commercial targets, “given it is a notoriously hard to abate sector.”
“This MoU will enable the next phase of our scale-up strategy into this key market with a significant company known for its sustainability focus and innovation,” he says.
During the initial two-year term, both companies are responsible for their own costs to meet the objectives under the MoU. The parties are also permitted to develop similar projects independently.
POSCO is a South Korean steel manufacturer and has grown to produce 41 million tonnes of crude steel per year.
Hazer Group is an Australian technology company focused on global decarbonisation efforts with the commercialisation of its climate technology. The company’s technology enables the production of clean and economically competitive hydrogen and graphite, using natural gas feedstock and iron ore as the process catalyst.
Write to Aaliyah Rogan at Mining.com.au
Images: Hazer Group
