Hanwha Ocean and Azure Sustainable Fuels Corp. announced the signing of a Memorandum of Understanding to explore potential investment opportunities supporting the growth, commercialization, and global expansion of sustainable aviation fuel technologies in Canada. The Memorandum of Understanding was originally signed on April 22, 2026, and was formally celebrated at Hanwha Ocean's BC Innovation Day held in Victoria, British Columbia on May 25, 2026, which brought together government officials, industry leaders, academic institutions, and research organizations from Canada and Korea to explore long-term collaboration across strategic sectors including maritime innovation, energy, advanced manufacturing, artificial intelligence, and critical minerals.

Under the Memorandum of Understanding, Hanwha Ocean and Azure Sustainable Fuels Corp. will explore opportunities for strategic investment collaboration aimed at supporting Azure Sustainable Fuels Corp.'s growth, commercialization activities, and long-term market expansion. The collaboration is intended to support the scaling and global competitiveness of high-potential Canadian technologies and businesses through potential future investment activities.

The Memorandum of Understanding establishes a framework through which Hanwha Ocean's strategic investment, channeled through a dedicated venture fund, may support Azure Sustainable Fuels Corp.'s growth, accelerate commercialization, and expand its global market reach. Any future investment activities remain subject to further evaluation, due diligence, internal approvals, and definitive agreements between the parties.