SK ecoplant, the environment and energy arm of SK Group, one of the world’s largest sustainable infrastructure companies, has recently announced a significant investment of US$50 million in Newfoundland and Labrador in Canada.
The South Korean company will buy a 20 per cent stake in the US$4.5 billion ‘Nujio’qonik‘ project, a global green hydrogen and ammonia commercialization project in the eastern province of Newfoundland and Labrador, according to Arctic Today.
This strategic move aims to accelerate the transition to clean energy and contribute to global efforts in combating climate change. The project’s boost in funding aligns with the growing interest in green hydrogen as a viable and sustainable energy source and the implications of this strategic investment open up new horizons of possibilities in the region.
This green hydrogen value chain built by SK ecoplant, will soon become a reality according to a statement by the firm.