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Hyosung's project to build the world's largest liquefied hydrogen plant with Linde Group, a global industrial gas company, gets into full swing.
□ Signs investment contract with Linde Group to set up production and sales units
Hyosung Heavy Industries announced on Feb. 5 that it has signed a joint venture (JV) contract with the Linde Group to push for liquefied hydrogen business. Two joint ventures will be established under the contract -- Hyosung Hydrogen, a liquefied hydrogen sales company, and Linde Hydrogen, a production company.
The contract for the establishment of the joint ventures followed the agreement Hyosung Heavy Industries and the Linde Group signed in April last year to build a hydrogen value chain that embraces the production and transportation of liquid hydrogen, and installation of charging facilities.
Under the contract, Linde Hydrogen will build a plant which is capable of producing 13,000 tons of liquefied hydrogen annually in the Yongyeon plant in Ulsan of Hyosung Group by early 2023. It will be the largest such plant in the world. Construction will begin as early as early this month.
Hyosung Hydrogen plans to build charging infrastructure, including about 120 charging stations across the country, in time for the completion of the liquefied hydrogen plant in order to stabilize supply of the product.
□ 13,000 tons per year to be supplied to 100,000 vehicles: exhaust gas to drop by 130,000 tons ↓
The 13,000 tons of liquefied hydrogen produced annually in the plant that will be completed in 2023 is enough to fuel 100,000 cars a year. It also has a considerable eco-friendly effect as it reduces emissions by 130,000 tons.
The volume of liquefied hydrogen is 1/800th that of gas hydrogen, making it easier to store and transport. In particular, liquefied hydrogen takes only three minutes to charge a car, four times faster than gas hydrogen. The charging time for large cars (25kg capacity truck) that require high-capacity hydrogen fuel will also be drastically reduced, which will contribute to expanding the market for large hydrogen cars such as buses and trucks.
It is also expected to contribute to bolstering the hydrogen economy by diversifying the use of hydrogen energy, including the mobility sector that includes drones, ships, and forklifts as well as vehicles.
□ Chairman Cho Hyun-joon said, “We will solidify our status as the leading hydrogen company”
Hyosung Chairman Cho Hyun-joon said, "We now have established a system for production, distribution and sales, which is the core of revitalizing the hydrogen economy.” "We will solidify our status as the leading company in the hydrogen sector," he added.
Sung Baek-seok, CEO of Linde Korea, said, "The Korean government has high expectations for hydrogen electric vehicles." "Liquid hydrogen which can be used widely will be able to meet the expectations,” he said, adding, “Ulsan will be Linde's third liquefied hydrogen plant, and we will expedite hydrogen development in Korea along with Hyosung.”