This undated photo shows a hydrogen charging station in the southeastern port city of Ulsan, South Korea, which is run by Hyosung Group.
SEOUL, April 28 (Korea Bizwire) — Chemical-focused conglomerate Hyosung Group said Tuesday it has signed an initial agreement with Linde, a German chemical firm, on a 300 billion-won (US$245 million) project to build the world’s largest liquid hydrogen plant in South Korea.
The two sides plan to set up a joint venture within this year before breaking ground on a 30,000-square-meter plot of land inside Hyosung’s compound in the southeastern industrial city of Ulsan by March next year.
The plant, which is set to be completed in 2022, will have an annual production capacity of 13,000 tons of liquid hydrogen, enough to power 100,000 hydrogen vehicles on a single charge.
The deal was signed by Hyosung Group Chairman Cho Hyun-joon and Linde Korea Chairman Sung Baek-seok at the company’s headquarters in Seoul.
Liquid hydrogen is also used in drones, ships and forklifts.
Chairman Cho said the investment will play a big role in facilitating South Korea’s hydrogen ecosystem.
The move comes as South Korea has been seeking to boost the hydrogen economy as a new growth engine.
Last year, South Korea said it will increase the number of hydrogen fuel cell electric vehicles to about 80,000 units by 2022 as part of a broader effort to boost the hydrogen economy.
A hydrogen fuel cell electric car only releases water vapor as it converts stored hydrogen into electricity to turn the motor.
Global carmakers have been racing to go eco-friendly amid tightened regulations on emissions of greenhouse gases, which scientists say are to blame for global warming.
Under the memorandum of understanding, Hyosung Group and Linde Korea will also build 50 new hydrogen charging stations and expand facilities at 70 other hydrogen charging stations.
(Yonhap)
