POSCO E&C struck an MOU with Equinor, a Norwegian global wind power generation leader, to implement “Ulsan Firefly,” the world’s largest offshore floating wind power project, on Aug. 23.
A signing ceremony for the project took place with Torgeir Nakken, general director of Equinor, and On Sang-woong, head of the Infrastructure Business Division at POSCO E&C, in attendance.
Under the deal, POSCO E&C will forge a strategic partnership with Equinor on fields, such as the development, construction and transportation of Korean wind power projects, including Ulsan Firefly offshore wind power project and plan to materialize projects.
The Ulsan Firefly project calls for constructing a 750MW, floating, offshore wind power plant and generating power in the sea 70 km from Ulsan Port.
The plant will have the capability of supplying electricity to all households in Ulsan.
Equinor plans to build the world’s largest floating, offshore wind power complex in cooperation with POSCO E&C with construction technology capabilities in the wind power sector.
To this end, POSCO E&C has been implementing a concept design of overland transmission lines since January 2023.
The chief of the Infrastructure Business Division at POSCO E&C said, “POSCO E&C’s project collaboration with Equinor will serve as a watersheds in the off-shore wind power business and we’ll concentrate our all capabilities to successfully implement the project.”
Workers with POSCO E&C pose in front of “ECO & REST,” the nation’s first photovoltaic power mobile shelter from heat waves, developed by the contractor.
POSCO E&C Focuses on New Secondary Battery Material Business
POSCO E&C is hitting the gas to expand the secondary battery material business. POSCO Group has come up with a plan to channel 56 trillion won in the secondary battery material business by 2030.
POSCO E&C has seized the group’s strategies to expand secondary battery material plants and secure lithium as its new growth opportunities.
POSCO E&C has seen its sales in the secondary battery material business rise on the back of orders worth 1.3 trillion won the company has already secured.
The orders involve the Sejong anode material plant phase 2-2 project worth 200 billion won, the Gwangyang cathode plant phase 3 expansion project worth 150 billion won, the Argentinean salt lake lithium phase 1 project worth 380 billion won and phase II project worth 330 billion won and the Yulchon lithium commercialization project worth 230 billion won.
POSCO E&C saw sales in the secondary battery material business stand at 238.4 billion won in 2022.
The company is predicted to see its sales in the business surge on the back of the Sejong anode material plant phase 2-2 project and the Gwangyang cathode phase 2 expansion project the company has already secured.
The company saw 2023 H1 sales amount to 286.1 billion won, already topping last year’s related sales.
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