Hyosung builds world’s largest liquid hydrogen plant in Korea
17. June 2020The Hyosung Group, under the leadership of its Chairman Cho Hyun-joon, wanted to support the local industry and economy in the application and processing of hydrogen with its plan to build the world’s largest liquid hydrogen plant. To this end, the Group has signed a MoU with the Linde Group and plans to invest the equivalent of 220 million euros in the construction of a complete value chain for the production, transport and distribution of liquid hydrogen by 2023. The memorandum of understanding was signed last Tuesday between Hyosung’s Cho and Linde Korea Executive Board member Sung at the company’s headquarters in Seoul.
The two companies agreed to build a 30,000 square metre facility in Ulsan for the production of 13,000 tonnes of liquid hydrogen per year. This amount can be used to power approximately 100,000 hydrogen vehicles and is currently the world’s largest stand-alone liquid hydrogen production facility according to the company. Construction work is scheduled to begin in the first quarter of 2021 and to be completed during 2022. The liquid hydrogen produced in the plant can be used to power a wide variety of vehicles. By building the plant, the Group hopes to attract and develop related hydrogen industries.
In order to deepen the partnership between Hyosung and Linde, it has been agreed that 120 hydrogen fuel pumps will be installed nationwide to ensure a reliable supply for hydrogen-powered vehicles. Hyosung Heavy Industries has operated a network of natural gas (CNG) filling stations since 2000 and entered the hydrogen market in 2008. Currently, Hyosung is the market leader in hydrogen filling stations with a 40 percent market share and 15 filling stations nationwide.
Hyosung CEO Cho said hydrogen is an environmentally friendly energy carrier that can restructure the oil-based economy while creating new innovations. “Therefore, Hyosung will focus on the liquid hydrogen business and increase efficiency and safety in storage and transportation,” Cho added. Cho believes that his company’s investment will play a significant role in revitalizing the local hydrogen industry. In January last year, the South Korean government announced that it would support the hydrogen industry through tax breaks and subsidies. The goal is the production of 6.2 million hydrogen vehicles and the installation of 1,200 gas pumps by 2040.
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