[Post-Corona Strategy] Hyosung Group, Driving Force for the Upcoming Hydrogen Economy

[Asia Economy Reporter So-yeon Park] Hyosung is overcoming the crisis caused by the novel coronavirus disease (COVID-19) by investing in securing core technologies, its strength, and fostering new businesses, preparing for a new leap forward.

By making investments such as establishing a liquefied hydrogen plant and expanding carbon fiber and aramid factories, the company plans to discover new growth engines like NF3 and polyketone to prepare for the rapidly changing future in the post-COVID era. These new businesses began to show significant results last year, serving as stepping stones for improved performance.

Following last year's investment in expanding carbon fiber production, Hyosung is emerging as a driving force in revitalizing the hydrogen economy by establishing a liquefied hydrogen plant. Together with Linde Group, a global chemical company specializing in industrial gases, Hyosung decided to invest 300 billion KRW by 2022 to build a value chain encompassing liquefied hydrogen production, transportation, and installation and operation of charging facilities.

The two companies plan to establish a liquefied hydrogen plant with an annual capacity of 13,000 tons on the site of the Ulsan Yongyeon plant by 2022, and develop their partnership for hydrogen supply by building about 120 hydrogen charging stations nationwide in key locations (50 new stations and expansion of liquefied hydrogen charging facilities at 70 stations).

The Ulsan Yongyeon plant produces propylene from propane through a propane dehydrogenation process and then processes it to make its main product, polypropylene. The by-product hydrogen generated during this process can be liquefied, reducing its volume to 1/800 compared to its gaseous state, making transportation and storage easier and reducing charging time by about four times.

Hyosung Chairman Hyun-joon Cho said, "Hydrogen is an eco-friendly energy source that can change the existing carbon-centered economic structure, and its potential is limitless," adding, "Hyosung will play a significant role in revitalizing the domestic hydrogen industry ecosystem."

This content was produced with the assistance of AI translation services.