South Korean textile and chemical company Hyosung Group announced on Tuesday its partnership with global chemical company Linde to construct the world’s single largest liquid hydrogen manufacturing plant in Ulsan.
Cho Hyun-joon, Hyosung Group’s chairman, and Sung Baek-seok of Linde Korea signed a memorandum of understanding (MOU) to jointly invest 300 billion won ($246 million) in establishing an enterprise of a comprehensive value chain for liquid hydrogen production, transport, and facility operation.
Hyosung and Linde Korea signed the MOU at the Hyosung headquarters in Mapo, Seoul, on April 28. The investment would last until 2022.
Both companies would construct the new plant in an area of about 30,000 square meters inside Hyosung’s Yongyeon Chemical Plant. According to Hyosung, groundbreaking would take place in the first quarter of 2021 with completion of construction expected in 2022.
The new plant would have an annual capacity of 13,000 metric tons of liquid hydrogen, according to Hyosung. The company added that the volume could power over 100,000 vehicles. The proposed facility would apply Linde’s advanced hydrogen liquefaction technology to byproduct produced from Hyosung’s Yongyeon facility.
Under the agreement, both companies would also invest in the establishment of a liquid hydrogen-recharging infrastructure to support the new plant. Hyosung and Linde would set up 120 charging stations, 70 enlarged and 50 new fueling stations across the country.
Eco-Friendly Fuel Source
The liquid hydrogen produced at the new facility has a wide array of uses ranging from vehicles, drones, cranes, and vessels.
Chairman Cho Hyun-joon said that hydrogen as an eco-friendly fuel source could change the existing carbon fueled economic structure. The chairman added that the investment would play a vital role in revitalizing the ecology of the local hydrogen industry.
Since 2000, Hyosung Heavy, Hyosung Group’s affiliate, has been in the business of producing a compressed natural gas charging system. The company began constructing charging stations in 2008, leading the industry in the country with a 40 percent market share.
Currently, Hyosung Heavy operates 15 hydrogen filling stations across the country.