TORONTO — A subsidiary of South Korean company SK Group has signed a deal with World Energy GH2 to buy a minority stake in a Canadian green hydrogen project for US$50 million.
Under the deal, SK ecoplant will acquire a 20 per cent stake in the first stage of the Nujio'qonik project in Newfoundland and Labrador.
Nujio'qonik is designed to be a green hydrogen and ammonia producer powered by renewable electricity from wind projects.
The companies say SK ecoplant will to be an important partner in this project, thanks to its expertise in green hydrogen and engineering.
Related video: Charting a Path for Hydrogen Planes (Bloomberg)
Duration 6:54 View on Watch
World Energy GH2 chairman John Risley called the investment validation that the company has all of the requirements for a successful project.
Canada and Germany signed an agreement to build a new hydrogen supply chain across the Atlantic last year.
This report by The Canadian Press was first published May 17, 2023.
South Korea's Yoon, Canada's Trudeau Agree to Boost Cooperation on Critical Minerals
By Reuters
May 17, 2023
Canada’s Prime Minister Justin Trudeau speaks next to South Korea’s President Yoon Suk Yeol during a joint news conference after their meeting at the Presidential Office in Seoul, South Korea, May 17, 2023.
By Reuters
May 17, 2023
Canada’s Prime Minister Justin Trudeau speaks next to South Korea’s President Yoon Suk Yeol during a joint news conference after their meeting at the Presidential Office in Seoul, South Korea, May 17, 2023.
REUTERS/Kim Hong-Ji/PoolREUTERS
SEOUL (Reuters) - South Korean President Yoon Suk Yeol and Canadian Prime Minister Canadian Prime Minister Justin Trudeau agreed on Wednesday to step up cooperation on critical minerals and other economic security issues.
In a joint statement issued after their summit in Seoul, the leaders also "strongly condemned" North Korea's nuclear and missile development, and agreed to continue joint efforts for a rules-based order in the region.
Trudeau arrived in Seoul on Tuesday for the first visit in nine years by a Canadian leader as the two countries seek to boost cooperation on security and critical minerals used in electric vehicles (EVs).
(Reporting by Soo-hyang Choi; Editing by Ed Davies)
SEOUL (Reuters) - South Korean President Yoon Suk Yeol and Canadian Prime Minister Canadian Prime Minister Justin Trudeau agreed on Wednesday to step up cooperation on critical minerals and other economic security issues.
In a joint statement issued after their summit in Seoul, the leaders also "strongly condemned" North Korea's nuclear and missile development, and agreed to continue joint efforts for a rules-based order in the region.
Trudeau arrived in Seoul on Tuesday for the first visit in nine years by a Canadian leader as the two countries seek to boost cooperation on security and critical minerals used in electric vehicles (EVs).
(Reporting by Soo-hyang Choi; Editing by Ed Davies)
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