In Partnership with the Linde Group
Hyosung Group will set up a value chain that covers the installation and operation of liquefied hydrogen production, transportation, and charging facilities by investing a total of 300 billion won by 2022 in partnership with the Linde Group, a global chemical company specializing in industrial gas.
Hyosung Group chairman Cho Hyun-joon and Linde Korea chairman Seong Baek-seok signed a memorandum of understanding on this matter at Hyosung main office in Seoul on April 28.
The two sides decided to establish a liquefied hydrogen plant on a site of about 30,000 square meters on the premise of Hyosung Group's plant in Ulsan. When completed, it will be the world's largest facility of its kind. It will have an annual output of 13,000 tons, which can be supplied to 100,000 cars. To this end, they will establish a joint venture in 2020 and start the construction of the plant in the first quarter of next year for completion in 2022.
The new plant will produce liquefied hydrogen by applying Linde's hydrogen liquefaction technology and equipment to by-product hydrogen from Hyosung’s Ulsan Plant. Hydrogen liquefaction technology liquefies high-pressure gaseous hydrogen. Linde has the world’s most advanced hydrogen production technology.
Liquefied hydrogen can be used in various mobility fields such as vehicles, drones, ships, and forklifts, so it will contribute to the development of related industries.
The two companies will also build liquefied hydrogen filling infrastructure timed with the completion of the plant. In order to supply liquefied hydrogen, they have decided to develop a partnership for hydrogen supply including establishing about 120 hydrogen stations in major cities nationwide (50 newly established stations and 70 expanded liquefied hydrogen filling facilities).
Hyosung Heavy Industries entered the CNG charging system business in 2000. It has been building hydrogen charging stations since 2008. Currently, it ranks first with a 40 percent market share in the Korean hydrogen filling market with hydrogen filling stations in 15 locations nationwide.
Meanwhile, in August 2019, Hyosung announced a plan to invest in carbon fiber to boost the hydrogen economy. President Moon Jae-in attended the ceremony held at the Carbon Fiber Plant in Jeonju. Cho said at the time that Hyosung will invest two trillion won in Jeonju to produce 24,000 tons of carbon fiber per annum by 2028.