Hanwha Partners with Alberta to Expand Energy and Industry Cooperation

Hanwha Group has signed a memorandum of understanding with the government of Alberta to expand cooperation in energy development, industrial expansion and supply chain infrastructure, with a strategic focus on supporting Hanwha Ocean’s bid for Canada’s multibillion-dollar Canadian Patrol Submarine Project.

The agreement was formalized in Edmonton on Tuesday, April 22, 2026, during a ceremony attended by Hanwha Energy CEO Lee Jae-kyu and Alberta Premier Danielle Smith, alongside Minister of Jobs, Economy, Trade and Immigration Joseph Schow and other senior officials from both sides.

The memorandum of understanding establishes a framework for long-term collaboration involving key Hanwha affiliates, including Hanwha Ocean, Hanwha Aerospace, and Hanwha Power, and is intended to serve as an industrial anchor for the Korean conglomerate in Alberta.

Hanwha emphasized that near-term efforts will center on natural gas trade and stabilizing industrial supply networks, which have faced volatility due to global shifts, while medium- to long-term cooperation will extend to clean energy initiatives such as hydrogen, carbon capture and storage, and liquefied natural gas infrastructure.

The partnership is positioned as a response to evolving energy policies and growing Indo-Pacific engagement, aiming to link Alberta’s resource development with Hanwha’s infrastructure investment and supply chain expansion capabilities.

Hanwha Ocean’s push to strengthen its position in the Canadian defense procurement process is a significant driver behind the agreement, as the company seeks to meet the requirements of Canada’s Buy Canadian Policy, a critical factor in defense tendering evaluations.

The deal follows a broader trend of deepening economic ties between South Korea and Canada, including the Republic of Korea’s recent decision to eliminate its 3% import tariff on Canadian crude oil, a move intended to foster greater bilateral cooperation and support market diversification for Alberta’s energy exports.

Alberta officials have framed the partnership as both an economic and national security priority, noting that expanding access to Asian markets while strengthening domestic industrial capacity aligns with the province’s strategic resilience goals.

The memorandum of understanding builds on prior engagements between Hanwha and Canadian entities, including Hanwha Ocean’s agreements with Irving Shipbuilding to advance industrial partnership and its February 2026 landmark agreements to bolster Canada’s sovereign defense industrial capacity and expand domestic shipbuilding workforce in Ontario.