The companies signed an MOU to expand their relationship. POSCO and its affiliates will apply the group's joint capabilities to support the development of Ørsted's 1.6 GW offshore wind projects off the coast of Incheon City. Moreover, Ørsted and POSCO will conduct feasibility studies on potential collaboration on renewable hydrogen.

Korea has set an ambitious target of installing 12 GW offshore wind capacity by 2030. In September 2020, Korean President Moon Jae-in further announced the Green New Deal which targets net zero emissions by 2050. With this MOU, Ørsted takes another significant step, in addition to the company's flagship Incheon projects, in pioneering renewable energy development in Korea and supporting Korea in the country's transition to clean energy.

In December 2020, POSCO Group joined the Korean government's decarbonization declaration, announcing its ambition to become a leading renewable hydrogen company and reaching carbon neutrality by 2050.

Ørsted recently started construction of its first renewable hydrogen demonstration project H2RES in Denmark and is involved in nine renewable hydrogen projects in Denmark, Germany, the Netherlands, and the United Kingdom.