Korea Zinc Accelerates Decarbonization, Acquires Australian Green Energy Firm
- December 23, 2021
- Posted by: Quatro Strategies
- Category: Cleantech
The South Korean zinc giant Korea Zinc’s Australian clean energy arm Ark Energy said it will acquire Epuron Holdings, an Australian wind and solar energy developer, to help decarbonize its zinc production processes and to power green hydrogen production. The portfolio of Epuron’s sites has 4.8 GW capacity.
The companies did not disclose the acquisition price.
Korea Zinc established Ark Energy this year to decarbonize its energy supply. The Korean company aims to be the world’s top green hydrogen producer. The company eventually wants to deliver green hydrogen from Australia to South Korea.
Hydrogen is considered as an important green energy source for sectors that can’t be electrified, like metals processing, heavy transport and shipping.
Epuron’s projects, if all are fully developed, have the potential to supply all the energy needed to power up to 4GW of electrolyzers. That would be enough hydrogen for Ark to deliver to Korea Zinc.
The projects could begin construction in 2023, and begin operating in 2025, Ark says.
Get your daily Business Brief
Business Brief delivers the latest insights straight to your inbox
You'll get daily industry insights on
Energy, Cleantech, Oil & Gas, Mining, Defense, Aviation, Construction, Transportation, Online Retail, Bigtech, Finance and Politics of Business
Read more insights
Davos Wrap-Up: Concerns Over World Economy Dominated WEF Talks
When the world’s financial and political leaders gather at the World Economic Forum in Davos last week, a gloomy global economic outlook was the primary talking point.
Tesla’s New Lithium Supply Deal with Piedmont Depends on Floating Prices
Tesla and Piedmont Lithium have signed a new deal for lithium supplies to the electric vehicle (EV) maker. Piedmont is set to increase its lithium deliveries to 125,000 tons starting in the second half of this year through the end of 2025, but Tesla is set to pay more for the battery metal as the agreement relies on a floating price mechanism based on market prices. Tesla’s prior materials agreements had been based on fixed prices.
Germany to Spend €4 Billion Annually on Electricity Subsidies for Industry
Germany is planning to spend €4 billion annually on electricity subsidies for energy-intensive sectors to back the industry to move away from fossil fuels and discourage firms from moving overseas. The government has also introduced electricity and gas price caps to protect industries and households from rising energy prices, but companies complain that electricity prices are still too high.