Nordborg, Denmark – Danfoss announced today that it has signed a Memorandum of Understanding (MOU) with SK Inc. a holding and investing company of SK Group which is the second largest conglomerate in Korea. Their main business areas are advanced materials, green, digital, and bio solutions.

With the signing of the MOU, the two companies will work together to advance technology and solutions that address five global megatrends affecting the world today: Climate change, urbanisation, digitisation, electrification, as well as food and water supply.

The signing was held on October 27th at the Danfoss headquarters in Nordborg, Denmark with participation of Dong Hyun Jang, Vice Chairman & CEO of SK Inc., and Kim Fausing, President & CEO of Danfoss.

Since May 2023, the two companies have engaged in discussions to identify areas where collaboration could generate synergies. With the MOU, the two companies will accelerate the deployment of existing sustainable technologies in common hotspots like commercial buildings, datacenters, cold chain, and hydrogen. Furthermore, they can exchange know-how, R&D initiatives, and market insights. This will be achieved by establishing a joint task force between the two companies.

Dong Hyun Jang, Vice Chairman & CEO of SK Inc., says: “The alliance with Danfoss exemplifies our commitment to driving innovation and addressing global challenges. By leveraging our collective expertise, we expect to create a powerful synergy to create sustainable solutions for the future.”

Kim Fausing, President and CEO of Danfoss, says: ”Danfoss’ solutions meet many of the key challenges from the global megatrends. We are continuously investing in growth opportunities that help customers decarbonize with technologies for energy efficiency, sector integration, and electrification. This MOU with SK Inc. will benefit both parties by broadening the scope of our sustainable technologies to speed up the green transition. Innovative partnerships like this will be key to building a better future.”