Hanwha Advances Newfoundland LNG Project as Part of Broader CPSP-Linked Industrial Partnership in Canada

Press Release + Noah Note

ST. JOHN'S, NL, Jan. 19, 2026 /CNW/ - Hanwha Group announced today that it has signed a strategic Memorandum of Understanding (MOU) with Fermeuse Energy to jointly advance the Newfoundland and Labrador LNG development project in Canada. This collaboration underscores Hanwha's long-term industrial commitment to Canada, aligned with its participation in the Canadian Patrol Submarine Project (CPSP) and Canada's Arctic and multi-ocean strategic priorities.

This partnership establishes Hanwha as a long-term strategic partner to Fermeuse Energy, supporting the project's development, engineering, financing, shipbuilding, and LNG logistics across the full LNG value chain. The agreement reflects a shared vision to deliver a reliable and sustainable LNG supply that enhances energy security and contributes to the global energy transition.

Under the terms of the MOU, Hanwha will contribute its integrated global capabilities to the project, including conceptual studies, pre-FEED engineering. This approach is consistent with Hanwha's CPSP framework, which emphasizes end-to-end capability delivery spanning design, construction, financing, and long-term sustainment.

The partnership framework also provides for the establishment of structured governance and joint execution planning, ensuring that Hanwha's participation enables not only technical progress but also commercialization and long-term operational success.

The collaboration is also aligned with Hanwha's broader participation in Canada's defense and industrial landscape. Hanwha Group is actively engaged in the CPSP, supporting Canada's Arctic and multi-ocean defense strategy. Hanwha's submarine offering for CPSP is structured to meet Canadian requirements while ensuring local sustainment, training, and supply chain development in Canada. By linking its LNG-sector cooperation with the CPSP Industrial and Technological Benefits (ITB) framework, Hanwha is positioning this partnership as part of a wider, long-term contribution to Canada's sovereign industrial base.

Sung-chul Eo, President of Hanwha Ocean's Naval Ship Division stated, "Hanwha is approaching Fermeuse Energy not merely as a service provider, but as a trusted partner committed to supporting the project from concept through execution and commercialization. By leveraging the combined capabilities of Hanwha Ocean and the broader Hanwha Group portfolio, together with the support of the Korean government, we will contribute meaningfully to the successful realization of Newfoundland and Labrador's LNG potential."

Swapan Kataria, CEO of Fermeuse Energy welcomed the partnership, noting that Hanwha's integrated energy, maritime capabilities provide a strong foundation for advancing the project. The company added that the MOU marks an important step in establishing global cooperation and ensuring that the Newfoundland LNG project progresses with both technical excellence and commercial viability. He further affirmed his support for Hanwha's submarine bid; and Prime Minister Carney's vision to build a stronger and self-reliant Canada.

Hanwha Group is a global leader in energy, shipbuilding, aerospace and defense, and infrastructure development, founded in 1952 and operating across more than 50 countries. Fermeuse Energy is a Canadian LNG development company focused on unlocking Newfoundland and Labrador's natural gas resources for global export while promoting sustainable growth and regional economic development.

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Noah Note: Another energy-based project, and once again focused in the Atlantic. After taking the first steps with Offshore Wind, Hanwha now joins in on LNG. As we said last week, the company has decided to take a heavy hand to Energy projects as part of its efforts to secure a CPSP contract.

​It's an area where Hanwha (and Hyundai) are world leaders in to various degrees. Obviously there is nuance, but the companies both seem to recognize that it's to their advantage to be aggressive in this department considering that TKMS obviously has a much harder time jumping into the field.

​Critical Minerals are more their thing, and while there is likely to be some LNG commitment on the German side of things eventually, it's still always better in this case for offsets and commitments to come from the primary bidder over third parties.

​That's why direct commitments from the likes of TKMS, Kongsberg, Hanwha, and Hyundai will always retain more value in my books than a third party brought on to sweeten the package, which for CPSP is inevitable given the scale and demands of government.

​Being multi-billion dollar conglomerates, both Hanwha and Hyundai have a lot of resources to tap into, which makes it funnier that until recently they almost never did. It's only now that we start to see that aggressive style that Hanwha has become somewhat known for in these kinds of situations.

​Either way, securing Atlantic commitments is nice, though I'm not sold on the recent pushes. I am far more bullish on West Coast LNG than East Coast, and while I would support LNG development in Newfoundland, I have to question heavily, given the history, if it would ever come to fruition.

​Even with a mandate to get things done, I would be untrusting until work began. However, these kinds of commitments are high-value, and when strung together can quickly add up. Remember that really companies don't need to legally commit to anything. They merely need to present the possibilities to government enough to convince them.

​Yes, there are obligations; however, the current system has little in terms of power to force companies to move faster than they desire. That's why we often see obligations banked for years at a time—essentially ‘credits’ that need to inevitably be spent, often right before securing more contracts that inevitably lead to more ‘credits’.

​So expect both sides to show off lots of stuff like this. It's going to be fun!