S-Oil to co-develop hydrogen-related technologies with FCI

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S-Oil to co-develop hydrogen-related technologies with FCI

Lee Jeung-ik, left, vice president of S-Oil, and Lee Tae-won, FCI CEO, sign a memorandum of understanding at FCI headquarters in Daejeon on Friday. [S-OIL]

Lee Jeung-ik, left, vice president of S-Oil, and Lee Tae-won, FCI CEO, sign a memorandum of understanding at FCI headquarters in Daejeon on Friday. [S-OIL]

 
S-Oil will co-develop hydrogen-related technologies with Fuel Cell Innovations (FCI), Daejeon-based fuel cell research company, the oil refiner said Monday.  
 
The two companies signed a memorandum of understanding (MOU) last Friday to jointly conduct research and tests on fuel cells, eco-friendly hydrogen production, and carbon capture and utilization technologies, according to S-Oil.  
 
S-Oil acquired about 20 percent of FCI in March last year. Founded in 2018, FCI received investment from Korean and Saudi Arabian companies, including Taqnia Energy of Saudi Arabia’s sovereign wealth fund.
 
“We plan to establish a cooperation system to lead the eco-friendly hydrogen, fuel cell and other new energy businesses,” said an S-Oil spokesperson.
 
Kospi-listed S-Oil, which is 63 percent owned by Saudi Arabia’s Aramco, is striving to broaden its business scope to the eco-friendly hydrogen sector facing a decarbonization transition worldwide. The company signed an MOU with Aramco to co-develop technologies related to low-carbon energy, which includes hydrogen and ammonia, in January.  
 

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]
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