Bali, 14 November 2022 – Gunung Capital advances its role by channeling the network and resources to build bridges with the top companies around the world that are serious and focused on industrial decarbonization. One that led to realization is the MoU signing of PT. Gunung Raja Paksi, Tbk (GRP) and Fortescue Future Industries (FFI) in B20 Summit, Bali.
Under this MoU, GRP will be collaborating with FFI to explore technical and commercial use cases for green hydrogen and green ammonia as well as the implementation of technologies to aid in the utilization of green energy in the supply chain and potential offtake collaboration. The use of green hydrogen could allow GRP to produce low-emission steel in what is a particularly hard-to-abate sector. This is one of the key action items in transforming the steelmaking operations to the environmental impact of the business.
“We are moving rapidly to seize on this opportunity to punch above our weight because it is a fantastic opportunity to create new jobs, sustainable wealth, and clean growth. Above all, we believe it is our moral obligation as occupants of Mother Earth.” said Kimin Tanoto, CEO at Gunung Capital. Kimin further said that the collaboration between GRP and FFI is a critical step and potential game changer that will pave the way for a sustainable future.
Kelvin Fu, Managing Partner at Gunung Capital stated that the partnership with FFI is just the start of more exciting work to deliver on the pursuit of green steel and beyond.
“It will help GRP discover and embrace the right technologies and methods of harnessing these cleaner solutions while paving the way forward towards net zero in the region,” said Kelvin.
As a private equity firm that focuses on climate change, Gunung Capital actively promotes decarbonization and sustainable practices for the industry. In the B20 Summit, Gunung Capital joined the “Indonesia Zero Summit: Industrial Decarbonization at All Cost” held by the Indonesia Chambers of Commerce (KADIN). Kelvin Fu attends as a panelist to discuss the challenge and opportunity of decarbonization of the hard-to-abate industry, especially in the steel industry.