Hazer Group Shares To Lift on POSCO Clean Hydrogen Technology Deal

Hazer Group Ltd (ASX: HZR) has signed a Memorandum of Understanding with South Korea’s POSCO Steel to define a pathway for integrating Hazer’s technology into POSCO’s low-carbon steel.

In a coup for Hazer, it will develop a plan to integrate its hydrogen production technology into POSCO’s low-carbon steel production.

There could be additional applications of Hazer’s low-emissions graphite product in various parts of POSCO’s steel-making process.

As well as a market investigation into the applications of Hazer graphite outside of steel.

The deal demonstrates the potential scale and opportunities for Hazer and its technology.

The technology enables the production of clean and economically competitive hydrogen and high-quality graphite by using a natural gas (or biogas) feedstock and iron ore as the process catalyst.

The steelmaking industry is earmarked as a key strategic and commercial target for Hazer.

POSCO is focused on reducing emissions from the steel-making process and has committed to reducing worksite emissions by 10% by 2030, 50% by 2040, and being 100% carbon neutral by 2050.

It views Hazer’s best-of-breed technology as offering important benefits that enable it to achieve the Net Zero vision.

About POSCO

POSCO is one of the world’s largest steel makers and has announced its plan to achieve carbon neutrality by 2050.

The group is seeking growth across seven core businesses: steel, rechargeable battery materials, lithium/nickel, hydrogen, energy, construction/infrastructure, and agri-bio.

Hazer had available funds of $18.2 million as of 31 March 2024,

 

 

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