Hyosung signs big liquid hydrogen deal with LindeHyosung Group, a machinery- and materials-focused company, will commit 300 billion won ($245 million) into building a liquid hydrogen plant in Ulsan in cooperation with Linde, a German gas and engineering company.
Hyosung and Linde Korea signed an agreement to construct a facility capable of producing 13,000 tons of liquefied hydrogen a year by 2022. It is billed as the world’s largest, according to the Korean manufacturer.
To establish the production base that will sit on the 30,000 square meters (323,000 square feet) of land near Hyosung’s Yongyeon Plant in Ulsan, the two parties plan to set up a joint venture this year. Construction will begin in the first quarter next year.
Hydrogen as a liquid takes up less space than in gaseous form and is less risky in terms of storage pressure.
Hydrogen is considered a clean fuel for multiple applications, including fuel-cell vehicles, drones and ships, a major factor that encouraged the companies to take on the project.
“Hydrogen comes with great potential because it could transform the carbon-based economy into one reshaped by clean energy,” said Hyosung Chairman Cho Hyun-joon.
“The project that Hyosung is involved in ensures safe and efficient storage and transportation of hydrogen. I hope the investment will contribute to improving the ecosystem for the hydrogen industry,” the chairman said.
Sung Baek-seok, president at Linde Korea, said that the company’s expertise in liquefying hydrogen helped clinch the deal.
“Linde Group has manufactured liquid hydrogen for the past 30 years in the U.S. and European markets,” he said.
“We recently found diverse applications, including liquid hydrogen station in the mobility business. Combined with Hyosung’s experience in the domestic market, we could create synergy.”
The agreement also includes building 50 new such stations across the country and adding the function of refilling liquid hydrogen to Hyosung’s 70 existing hydrogen stations.
Hyosung is claiming a 40 percent share in hydrogen gas stations.
The company also noted that the move is in line with the government’s push.
The Moon Jae-in administration published a roadmap for making hydrogen-related technologies, a key new growth engine for Korea last year.
BY PARK EUN-JEE [firstname.lastname@example.org]