l Signed MOU with Array Technologies in the U.S. for material supply and technology cooperation
l Supply of 200,000 tons by 2023…The amount of solar power that can be installed on 12,000 soccer fields
l Leading the solar power generation field which is in the spotlight as an optimal renewable energy source
POSCO will supply steel materials to Array Technologies Inc. (hereinafter referred to as Array) of the United States, the world's second manufacturer of ground-mounting systems used in solar energy projects.
The two companies signed a non-face-to-face Memorandum of Understanding on the 31st and decided to cooperate in the supply, design, and development of technologies for materials such as 'PosMAC', a special steel material resistant to corrosion, photovoltaic structures, and related accessories.
*PosMAC: POSCO Magnesium Aluminum alloy Coating product, It is a ternary alloy coated steel (Zinc, Magnesium, Aluminium) to prevent corrosion on hot or cold rolled steel plate and has a corrosion resistance 5 to 10 times stronger than that of a normal hot-dip galvanized steel sheet
Array, a company that designs and manufactures solar power structures and components headquartered in New Mexico, is listed on NASDAQ and participating in solar energy projects around the world including Australia and Europe, mainly in the United States. It is a leading global technology company in solar energy projects that reached a global market share of 17 percent as of 2020.
POSCO will cooperate with small and medium-sized Korean local fabricators and POSCO INTERNATIONAL to convert the materials like PosMAC into components for use at Array's global solar project sites.
The expected supply by 2023 is about 200,000 tons of PosMAC, which is enough to install solar power generation facilities in an area of the size of 12,000 soccer fields.
In addition, the two companies will jointly respond to global solar energy generation companies to adopt POSCO's product specifications from the project design stage and cooperate in the development of technologies related to the design of photovoltaic structures and accessories.
"We expect this MOU will help POSCO to secure a leading position in the solar power generation industry, which is in the spotlight as an optimal renewable energy source while contributing a lot to strengthening the capabilities of SMEs," said Sang-gyun Kim, Head of Construction Steel Materials Marketing Office of POSCO.
"The arrangement with POSCO, one of the world's largest steelmakers, is indicative of our ability to reliably supply our global customer base with the highest quality materials," said Stuart Bolland, Chief Operations Officer of Array. "In particular, we are thrilled to partner with a company that shares our commitment to ESG values," he added.
POSCO plans to expand cooperation with global solar power generation facility manufacturers in the future to strengthen the sales base of steel materials in the renewable energy sector and support to strengthen the competitiveness of SMEs producing solar energy parts in Korea.
▲ POSCO and Array Technologies Inc., the designing and manufacturing company of solar power structures and components signed a Memorandum of Understanding of material supply and technology cooperation on 31st. Sang-gyun Kim, Head of Construction Steel Materials Marketing Office of POSCO on the left, and Stuart Bolland, Chief Operations Officer of Array on the right.
▲ A solar power generation system set up in Australia by Array Technologies. POSCO's PosMAC, a special steel material resistant to corrosion was used in building the system.