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.
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.
The Canadian Press
