POSCO Expands Green Hydrogen Efforts in Australia

Published 23 hours agoPKX

POSCO Expands Green Hydrogen Efforts in Australia

POSCO Holdings has taken significant steps to advance its sustainable operations in Australia, focusing on green hydrogen production and eco-friendly steelmaking. A key development is the joint study agreement signed on October 12, 2023, with French energy company Engie. This collaboration initiates a pre-feasibility study for the second phase of green hydrogen production in Western Australia, targeting an annual output of 20,000 to 40,000 tons with commercial production slated for 2028.

In addition to this, POSCO Holdings and Shinhan Financial Group have jointly invested US$20 million in the Australian hydrogen startup Hysata. This investment is part of Hysata's historic US$111 million Series B funding round, aimed at developing high-efficiency electrolysers essential for green hydrogen production. Furthermore, POSCO Group has laid out ambitious plans to invest US$40 billion in environmental projects across Australia by 2040, with US$28 billion earmarked for hydrogen manufacturing.

POSCO's strategic initiatives underline its commitment to harnessing green hydrogen technology and sustainable steel production to enhance global competitiveness. Through partnerships and significant investments, the company aims to strengthen economic ties with Australia, thereby driving advancements in clean energy and core minerals. Reuters reported that these efforts are critical as POSCO positions itself as a leader in the transition to renewable energy sources.

Share this article

Twitter Facebook LinkedIn

Recent Articles

RGA Expands Coinsurance Partnership with Tongyang Life

RGA Expands Coinsurance Partnership with Tongyang Life

35 minutes agoRGA

Reinsurance Group of America (RGA) has broadened its collaboration with Tongyang Life Insurance by expanding an existing coinsurance agreement. Initially established in June 2024, the contract now includes an additional KRW 150 billion in coverage, significantly boosting financial support for Tongyang Life. This strategic move underlines RGA's mission to provide customized, asset-intensive solutions that align with the financial goals and requirements of insurers throughout the Asia-Pacific region. Gaston Nossiter, RGA's Senior Vice President for Asia Pacific, highlighted this expansion as a critical step in supporting Tongyang Life’s long-term objectives amid current economic and regulatory challenges. Meanwhile, Tongyang Life's CEO, Moon-Koo Lee, noted that the enhanced agreement helps meet growing capital management demands, ensuring better protection for policyholders. Historically, RGA has used reinsurance as a strategic financial tool in the Asia-Pacific market since its first asset-intensive transaction in the region was completed in 1996, Reuters reported. This latest development continues a longstanding tradition of leveraging reinsurances to optimize portfolios and financial frameworks for insurers across Asia.

British American Tobacco Ups Sales Growth Target Amid U.S. Market Gains

British American Tobacco Ups Sales Growth Target Amid U.S. Market Gains

British American Tobacco (BAT) has revised its annual sales growth target upward, now aiming for a 1% to 2% increase. This adjustment comes after better-than-expected revenue performance, particularly driven by the U.S. market. Previously set at 1%, this updated target reflects the rising contributions from BAT's key markets and strategic initiatives. Reuters reported that BAT expects to see a return to revenue and profit growth in the U.S. by 2025, with first-half revenues already trending slightly above expectations. In addition to traditional tobacco sales, BAT is seeing low single-digit revenue growth in its non-combustible product categories, such as vapes and oral nicotine pouches, reflecting a shift in consumer preferences. However, the company is navigating challenges like declining traditional tobacco sales, regulatory pressures, and the rise of cheaper and alternative products, including illegal vapes. BAT has been focusing on investments in its U.S. commercial operations and innovation across its 'New Categories' segment, which includes non-combustible products. These strategies have fueled its improved performance and align with its mid-term guidance aiming for a 3-5% revenue increase and mid-single-digit adjusted profit from operations growth by 2026. Despite industry challenges, BAT remains committed to achieving its growth objectives through continued investment and adaptation.

KKR Pulls Out of Thames Water Rescue Deal, Leaving Financial Uncertainty

KKR Pulls Out of Thames Water Rescue Deal, Leaving Financial Uncertainty

KKR, a U.S. private equity firm, has decided not to move forward with a proposed investment in Thames Water, marking a significant setback for the utility company. The withdrawal is a major blow as Thames Water was counting on over £3 billion in new equity from KKR to help manage its severe financial difficulties, Reuters reported. Thames Water, which serves 16 million customers, is grappling with substantial debts and has now been left searching for alternative solutions. In light of KKR's exit, Chairman Adrian Montague expressed disappointment and indicated that the company would now focus on discussions with senior creditors who have proposed an alternative rescue plan. In the absence of a successful resolution, there is a lingering threat of temporary government nationalization. Amid these financial challenges, Thames Water is also under regulatory scrutiny due to its impact on pollution and increasing customer bills. This development aligns with an interim government review demanding reforms in the water sector, putting additional pressure on the company to stabilize its operations and address its debt obligations.

Coinbase Faces Major Data Breach Linked to India

Coinbase Faces Major Data Breach Linked to India

2 hours agoCOIN

Coinbase has discovered a substantial data breach that originated in India, with the incident coming to light in May 2025. According to Reuters, this breach, which began in January 2025, involved a rogue employee at TaskUs, an outsourcing firm in Indore, India. The employee was found to have taken photographs of sensitive Coinbase customer data and shared them with hackers in exchange for bribes. The breach resulted in the unauthorized dissemination of personal information, including customers' names, birthdates, and partial Social Security numbers. The hackers demanded a $20 million ransom, threatening to release the information publicly unless paid. Coinbase refused to comply with the ransom demand and has instead offered a $20 million reward for information leading to those responsible. The financial impact of this breach could be significant, with potential costs ranging from $180 million to $400 million, as reported by Reuters. In response to the breach, Coinbase promptly severed ties with the involved TaskUs employee and enforced stricter security protocols to prevent future breaches. Meanwhile, the U.S. Securities and Exchange Commission (SEC) is currently probing Coinbase for possibly misstating user data, although the company maintains that it has adhered to all compliance requirements. This incident serves as a stern reminder of the vulnerabilities that persist in the cryptocurrency sector and the critical need for robust data protection strategies.