POSCO will supply steel for solar energy

POSCO will supply steel materials to Array Technologies Inc. (hereinafter referred to as Array) from the United States, the world's second largest manufacturer of surface mount systems used in solar energy projects.

The two companies signed a MOU without being present on the 31st and decided to cooperate in the supply, design and technology development for materials such as PosMAC, a special corrosion resistant steel material, photovoltaic structures. and related accessories.
* PosMAC: POSCO magnesium aluminum alloy coating. It is a triple plated alloy steel (zinc, magnesium, aluminum) to prevent corrosion of hot rolled or cold rolled steel plate, and its corrosion resistance is 5-10 times that of ordinary galvanized steel.

Array, a solar energy structure and component design and manufacturing company headquartered in New Mexico, is registered with the NASDAQ and participates in solar energy projects around the world, including Australia and Europe, primarily in the United States. It is the world's leading technology company in solar energy projects, reaching 17% of the global market share by 2020.

POSCO will partner with local Korean SME manufacturers and POSCO INTERNATIONAL to convert materials such as PosMAC into components for use in global Array solar projects.

Expected deliveries by 2023 are about 200,000 tons of PosMAC, enough to install solar power plants on an area the size of 12,000 football fields.

In addition, the two companies will jointly respond to global solar power companies to adopt POSCO product specifications at the design stage and collaborate to develop technologies related to the design of photovoltaic structures and accessories.

“We expect this MOU to help POSCO to become a leader in the solar power industry, which is in the spotlight as an optimal renewable energy source, and at the same time will make a great contribution to strengthening the capabilities of small and medium enterprises,” said Sanggyun Kim, Head of POSCO Construction Steel Materials Marketing Department.

“This agreement with POSCO, one of the world's largest steel producers, demonstrates our ability to reliably supply our global customer base with the highest quality materials,” said Stuart Bolland, Chief Operating Officer, Array. “In particular, we are very pleased to partner with a company that shares our commitment to ESG's values,” he added.

POSCO plans to expand its cooperation with global solar power plant manufacturers in the future to strengthen the steel materials sales base in the renewable energy sector and support the increased competitiveness of small and medium-sized enterprises manufacturing solar parts in Korea.