Hanwha Ocean, Azure Sustainable Fuels to explore investment opportunities in Canada’s SAF sector

Photo: Azure Sustainable Fuels Corp.

Azure Sustainable Fuels Corp. announced June 8 the signing of a memorandum of understanding (MOU) with Hanwha Ocean, a leading global shipbuilder, to explore potential investment opportunities supporting the growth, commercialization and global expansion of sustainable aviation fuel (SAF) technologies in Canada.

The MOU was originally signed April 22—on Earth Day—and was formally celebrated at Hanwha Ocean’s BC Innovation Day held in Victoria, British Columbia, May 25, 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 MOU, Hanwha Ocean and Azure will explore opportunities for strategic-investment collaboration aimed at supporting Azure’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 agreement reflects Hanwha Ocean’s broader commitment to supporting Canadian industrial growth, innovation and long-term Canada-Korea cooperation as part of its ongoing engagement with Canadian industry and institutions.

“Canada has strong innovation capabilities and significant long-term potential in sustainable energy and advanced industrial technologies,” said Steve SK Jeong, an executive with Hanwha Ocean. “Through this MOU with Azure, we look forward to exploring opportunities that can support the commercialization and global growth of Canadian SAF technologies while strengthening industrial cooperation between Korea and Canada.”

Stu Roberts, the president of Azure Sustainable Fuels, said, “Azure is very excited to partner with Hanwha Ocean to advance SAF in Canada, as well as the broader partnership between the Republic of Korea and Canada. This MOU creates an opportunity to explore how strategic investment and industrial cooperation between the Republic of Korea and Canada can help accelerate commercialization, scale our capabilities and expand our global reach.”

The MOU establishes a framework through which Hanwha Ocean’s strategic investment, channeled through a dedicated venture fund, may support Azure’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.