Hanwha Group Strengthens Cooperation with Alberta, Canada in Energy, Defense, and Shipbuilding

Pursuing an MOU to Establish Economic Cooperation

Key Affiliates Including Hanwha Energy and Hanwha Ocean to Participate

Hanwha Group is strengthening its comprehensive business cooperation with the Government of Alberta, Canada, across key industries such as energy, defense, and shipbuilding. In connection with Hanwha Ocean's efforts to secure the Canadian Patrol Submarine Project (CPSP) contract, the group plans to systematically pursue industrial partnerships and economic cooperation locally in Canada.

Jaegyu Lee, CEO of Hanwha Energy (third from left), Gimo Lim, Ambassador to Canada (second from left), Premier of Alberta (fourth from left), Joseph Skow, Alberta Minister of Economic Trade (fifth from left). Hanwha Group

On April 21 (local time), Hanwha Group announced that a memorandum of understanding (MOU) signing ceremony was held at the Alberta provincial government building in Edmonton, Canada, to discover mutually beneficial investment opportunities and establish a long-term cooperative relationship between Hanwha and Alberta. The event was attended by Alberta Premier Danielle Smith, Alberta Minister of Economic Trade Joseph Skow, Gimo Lim, Ambassador to Canada, Jaekyu Lee, CEO of Hanwha Energy, and other key Hanwha Group executives.

Hanwha Group and the Government of Alberta agreed to seek medium- to long-term investments and build an industrial ecosystem in Alberta, going beyond individual business collaborations. Major Hanwha affiliates, including Hanwha Energy, Hanwha Ocean, Hanwha Aerospace, and Hanwha Power, will participate as strategic partners, strengthening cooperation in a variety of areas such as petroleum, LNG, hydrogen, carbon capture and storage (CCS), defense, and building supply chains in the shipbuilding sector.

The core of the MOU is to support the transition to low-carbon energy, foster related industrial growth, and enhance supply chain stability. In the short term, the two sides plan to lay a foundation for cooperation between the two countries by expanding resource trade, such as natural gas. In the medium to long term, they aim to expand the scope of collaboration to include hydrogen- and ammonia-based clean energy businesses and carbon management infrastructure.

Additionally, Hanwha Group will support the goals of the Canadian Defense Industrial Strategy (DIS), such as securing autonomous industrial capabilities, strengthening long-term maintenance and operational abilities, and building a regionally based defense industry ecosystem. Alberta is growing as a defense manufacturing hub, having received approximately 6.5 million dollars in investment from the federal government.

Premier Danielle Smith of Alberta stated, "Alberta is a hub for global business, establishing strong global partnerships that create jobs and drive economic growth. This agreement with Hanwha Group demonstrates Alberta's competitiveness as an international investment destination and proves that global companies place great value on collaborating with Alberta."

Jaekyu Lee, CEO of Hanwha Energy, commented, "Through this MOU, we have created an opportunity to elevate our cooperative relationship with Alberta to a new level. Hanwha Group will pool its capabilities to achieve tangible results across various fields."

Hanwha Group plans to establish a practical foundation for industrial cooperation by combining energy resource development, infrastructure investment, and the expansion of industrial supply chains with not only the federal government of Canada but also provincial governments.

This content was produced with the assistance of AI translation services.