The South Australian government has signed an agreement with Hyundai to cooperate on renewable energy, hydrogen, and infrastructure investment in the state.
The Memorandum of Understanding with the company’s engineering and construction subsidiary was signed by South Australian Trade and Investment minister Joe Szakacs in Seoul on Monday as a part of his trade mission to South Korea and Japan.
Mr Szakacs said the MoU “demonstrates that major international players take our state’s commitment to decarbonisation seriously and want to join with us as we pursue these ambitious goal”.
South Australia currently sources 70 per cent of its energy from renewables and is targeting 100 per cent by 2027. The government has set a target of lowering greenhouse gas emissions by more than 50 per cent below 2005 by 2030.
Under the MoU, Hyundai will increase engagement with South Australian government agencies through Invest SA, the government dedicated investment unit within the Department of Trade and Investment.
“Our state’s commitment and policy settings for green technology, the Hydrogen Jobs Plan and the Housing Roadmap, is attracting world leaders in innovation and development,” Mr Szakacs said on LinkedIn.
The state government’s $593 million hydrogen jobs plan involves the construction of a green hydrogen production facility, storage facility, and hydrogen-fired power station which the government wants operational in early 2026.
Site works prior to construction are expected to begin in late 2024 with early contractor involvement partners.
Development agreements have also been signed with industry partners for the Port Bonython hydrogen hub, although two shortlisted projects led by Japanese developers withdrew from the process.
While the Office of Hydrogen Power SA is not actively seeking to replace the withdrawn projects, it remains open to engaging with other interested developers, as previously reported by InnovationAus.com.
Hyundai Engineering and Construction (E&C) has the capability to develop renewable energy projects, battery energy storage, offshore wind, hydrogen, and transmission and distribution networks.
The company has completed more than 880 projects across 62 countries, and is currently constructing South Korea’s first hydrogen electrolysis facility.
It also has capabilities in infrastructure for data centres, transport, maritime and port, and hospitals, among other sectors.
A spokesperson for Hyundai E&C’s NewEnergy Division said the company’s cooperation with the state government “will serve as a catalyst for innovation in Australia’s energy infrastructure”.
“We hope that this partnership will contribute to the revitalisation of South Australia’s economy and create strong synergies in global public-private partnerships for mutual growth.”
It has been registered as a company in Australia since April.
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