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[Asia Economy Reporter Moon Chaeseok] From early next year, byproduct hydrogen for transportation will be supplied at prices at least 20% lower.

Jung Seung-il, Vice Minister of the Ministry of Trade, Industry and Energy, attended the 'Dangjin Hydrogen Supply Shipping Center Groundbreaking Ceremony for Hydrogen Vehicles' and the 'Agreement Ceremony for the Development of the Hydrogen Distribution Industry for Hydrogen Vehicles' at 3 p.m. on the 12th.

At the event, government, local governments, and industry representatives including Chungnam Province, Dangjin City, Korea Gas Corporation, HyNet, and Hyundai Steel gathered to wish for the successful construction and operation of the shipping center.

"Hydrogen supply 20% cheaper from early next year"

Overview of 'Dangjin Busaeng Hydrogen Shipping Center'. (Data from Ministry of Trade, Industry and Energy)

The Ministry of Trade, Industry and Energy announced that from early next year, when the byproduct hydrogen shipping center is completed, hydrogen will be supplied at prices at least 20% lower than now. Currently, hydrogen is supplied at hydrogen charging stations at around the low 7,000 KRW range.

With the establishment of this shipping center, up to 2,000 tons of hydrogen (enough for 13,000 hydrogen passenger cars annually) will be supplied to Seoul, Gyeonggi, Chungnam, parts of Chungbuk, and parts of Jeonbuk.

The ministry expects that supplying affordable hydrogen will greatly improve the profitability of hydrogen charging stations and, in the long term, enhance consumer benefits.

The center will store hydrogen produced at Hyundai Steel’s hydrogen production plant and load it at high pressure (200 bar) into hydrogen tube trailers. This is an essential facility in the hydrogen distribution process.

Hydrogen Energy Network (HyNet), which operates hydrogen charging stations, plans to operate the center.

The ministry will provide financial support necessary for the construction of the shipping center and oversee overall progress, while Chungnam Province and Dangjin City will support various administrative matters such as permits.

Hyundai Motor and specialized companies manage the 'production-distribution-supply' hydrogen value chain

Part of Hyundai Steel's vision for 'Establishing a Resource Circulating and Eco-Friendly Steel Plant,' including plans to increase hydrogen production capacity. (Source: Ministry of Trade, Industry and Energy)

Before the groundbreaking ceremony of the center, an agreement ceremony for the development of the hydrogen distribution industry for hydrogen vehicles was held among Hyundai Steel (production), Hyundai Glovis (transportation), HyNet (charging station supply), SPG Hydrogen (distribution consulting and backup), Korea Gas Corporation (distribution agency), and Hyundai Motor (hydrogen commercial vehicle development and supply).

Each company is expected to play a pioneering role in the hydrogen economy by demonstrating expertise across all sectors of the hydrogen value chain through this agreement.

Hyundai Steel and Glovis announced their hydrogen business visions and new investment plans on the day.

Hyundai Steel presented a vision of a "resource-circulating eco-friendly steel mill." They plan to expand hydrogen production capacity more than tenfold by utilizing byproduct gas and waste heat from the steel mill. The current production capacity of 3,500 tons per year will be increased to 37,200 tons in the future.

Transportation trucks, large-scale heavy equipment, and work vehicles at major business sites including the steel mill will also be converted to hydrogen fuel cell vehicles.

Hyundai Glovis' plan for 'Efficient Hydrogen Logistics for Transportation'. (Source: Ministry of Trade, Industry and Energy)

Glovis announced plans to build an optimized transportation hydrogen logistics efficiency system that supplies hydrogen to the right place at the right time using real-time data through its self-developed "hydrogen supply chain management optimization platform."

They will operate a safety management system and install integrated terminals on all vehicles to manage vehicle location, rapid acceleration, and emergency situations of hydrogen transport vehicles in real time.

An official from the Ministry of Trade, Industry and Energy said, "We plan to actively discover and support such projects in the future and spare no available support to expand a self-sustaining hydrogen economy led by the private sector."

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