OTTAWA, ON, June 8, 2026 /CNW/ - Hanwha Ocean and Azure Sustainable Fuels Corp. ("Azure") today announced the signing of a Memorandum of Understanding (MOU) 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 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 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, SEVP and Head of Naval Ship International Business at Hanwha Ocean. "Through this MOU with Azure, we look forward to exploring opportunities that can support the commercialization and global growth of Canadian sustainable aviation fuel technologies while strengthening industrial cooperation between Korea and Canada."
"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," said Stu Roberts, President of Azure Sustainable Fuels. "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.
About Azure
Azure is a privately held Canadian company focused on developing and delivering large-scale, state-of-the-art renewable fuel production facilities that utilize agricultural feedstocks to produce Sustainable Aviation Fuel (SAF), reducing dependence on jet fuel imports, delivering substantial economic benefits for the agricultural sector and driving significant emission reductions in a hard-to-abate transportation sector. Leveraging a templated, multi-site approach and commercially proven, globally deployed HEFA technology, Azure will deliver high-quality renewable fuels at scale. Azure is targeting a Final Investment Decision in 2027 and commencing operations by 2030.
About Hanwha Ocean
Hanwha Ocean is a leading global shipbuilder with more than four decades of experience delivering complex naval and commercial shipbuilding programs. Supported by its large-scale, integrated shipyard in Geoje, South Korea that spans 5 square kilometres and has more than 31,000 employees, the company combines proven industrial capacity with operational expertise to deliver modern, in-service naval platforms backed by a resilient through-life support model.
Since its establishment in 1973, Hanwha Ocean has delivered more than 1,400 vessels worldwide. The company has developed deep expertise in the design, construction, and in-service support of submarines and surface combatants for the Republic of Korea Navy, producing approximately 45 commercial and naval vessels annually.
SOURCE Azure Sustainable Fuels Corp.
Media Contact: Anna Woodmass, NATIONAL Public Relations, [email protected]
Share this article