Korea, US sign 23 MOUs to bolster ties in batteries, bio, nuclear power

The Korea Times

The Korea Times

Business

Tue, September 26, 2023 | 11:31

Companies

Korea, US sign 23 MOUs to bolster ties in batteries, bio, nuclear power

Posted : 2023-04-26 16:52

Updated : 2023-04-30 13:08

President Yoon Suk Yeol delivers a speech at a business forum held to advance bilateral high-tech and clean energy partnerships at Waldorf Astoria Hotel in Washington, D.C. Tuesday (local time). Yonhap

By Lee Kyung-min

Korea's leading energy, battery, construction and chemical companies have agreed to fortify cooperation with their U.S. counterparts, as outlined in 23 memoranda of understanding (MOUs) signed during a meeting between executives and high-ranking officials of the two countries, the trade ministry said Tuesday.

The bolstered commitment came on the occasion of President Yoon Suk Yeol's six-day state visit to the U.S.

The Ministry of Trade, Industry and Energy said 45 executives of state-run and private enterprises from both countries attended a business forum to advance bilateral high-tech and clean energy partnerships at the Waldorf Astoria Hotel in Washington, D.C. Tuesday (local time).

High-ranking executives of Doosan, Doosan Robotics, SK, HD Korea Shipbuilding & Offshore Engineering, Hyundai Engineering & Construction, Lotte Chemical, Korea Electric Power Corp. (KEPCO) and Korea Hydro Nuclear Power (KHNP) attended the event.

The U.S. firms included Boeing, Rockwell, GE, Centrus, Terrapower, Nuscale, Holtec International, ExxonMobil, Plug Power Siemens.

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Of the 23 MOUs, 10 were signed between high-tech industry players, including manufacturers of batteries and robots, as well as autonomous vehicle system operators and aerospace research institutes. The remaining 13 involved clean energy companies in the fields of hydrogen, nuclear power and carbon neutral energy.

"Korea and the U.S. will further expand alliances beyond military and security matters to include high-tech industries," Minister of Trade, Industry and Energy Lee Chang-yang said during the meeting.

Minister of Trade, Industry, and Energy Lee Chang-yang, third from left, Hyundai E&C CEO Yoon Young-joon, left, Holtec International CEO Kris Singh, second from left, pose after signing a partnership agreement at Waldorf Astoria Hotel in Washington, D.C., Tuesday (local time). Yonhap

MOUs

For example, Doosan Robotics and Rockwell Automation, an American provider of industrial automation and digital transformation technologies, whose brands include Allen-Bradley, FactoryTalk software and LifecycleIQ Services, will jointly develop robot technologies for automated manufacturing plants.

KEPCO and GE Vernova, an energy business entity affiliated with General Electric, agreed to fortify partnerships to facilitate the utilization of ammonia as an energy source. The technologies involve the capture of carbon dioxide (CO2) from fuel combustion or industrial processes as well as the transport of CO2 via ships or pipelines. It is used to create valuable products or services or be stored permanently deep underground. The technology for storing carbon is referred to as CCS, while the process of using carbon in production facilities is called CCU.

Lotte Chemical, the chemical affiliate of Lotte Group, will cooperate with CF Industries, an American manufacturer and distributor of agricultural fertilizers, including ammonia, urea and ammonium nitrate products. The two will work closely together to produce blue ammonia, a low-carbon method of producing the chemical compound, using steam methane reformation.

ExxonMobil, an American multinational oil and gas corporation, signed an agreement with state-run Korea National Oil Corp (KNOC) and SK Materials, the chemical affiliate of SK Group. The agreement will facilitate clean ammonia and low-carbon businesses.

An agreement between Korea's two private energy firms ― HD Korea Shipbuilding & Offshore Engineering and SK E&S, the liquefied natural gas affiliate of SK Group ― and their U.S. partners ― Plug Power, an American electrical equipment manufacturing company and GE Vernova ― will cooperate in blue hydrogen projects. Blue hydrogen refers to hydrogen produced from natural gas and supported by carbon capture and storage.

lkm@koreatimes.co.kr