Hyundai Steel Announces Business Vision for Hydrogen Industry Development

Hyundai Motor, Korea Gas Corporation, Hynet, and Others Sign Multilateral MOU
Announce Plans for Hydrogen Production and Distribution Facilities, Commercial Fuel Cell Vehicle Introduction, and Fuel Cell Power Generation Projects

[Asia Economy Reporter Hwang Yoon-joo] Hyundai Steel has begun laying the foundation to lead the next-generation hydrogen ecosystem in line with Hyundai Motor Group's FCEV (fuel cell electric vehicle) vision.

On the 12th, Hyundai Steel signed a Memorandum of Understanding (MOU) for the development of the hydrogen distribution industry for hydrogen vehicles with Hyundai Motor Company, Korea Gas Corporation, Hydrogen Energy Network (HyNet), Hyundai Glovis, SPG, and others at the HyNet shipping center site near the hydrogen plant at the Dangjin Steelworks in Chungnam. They announced business plans to expand the supply of high-purity hydrogen and infrastructure.

Hyundai Steel plans to foster the hydrogen business sector as a future new growth business by ▲ expanding hydrogen production and distribution facilities ▲ introducing FCEVs at major business sites and expanding their application to transport vehicles ▲ establishing an eco-friendly fuel cell power generation system using hydrogen.

First, to build hydrogen production and distribution facilities, they plan to establish an eco-friendly hydrogen production capacity that is differentiated from existing production methods by utilizing waste heat and by-product gas generated at the steelworks.

Hyundai Steel is currently reviewing detailed projects for this purpose and plans to create a mutually beneficial business model through cooperation with various operators in each supply chain segment, including production, transportation, and sales.

Additionally, to expand FCEV adoption, Hyundai Steel will actively introduce FCEVs at its major business sites. As a key pillar of the hydrogen ecosystem, they will promote the conversion to FCEVs for large-scale heavy equipment, transport trucks, and work vehicles within major sites including steelworks, and also focus on converting various transport vehicles used in transactions with business partners to FCEVs.

Along with this, based on competitiveness in hydrogen production capacity, Hyundai Steel will also play a role in the renewable power generation system being promoted by Hyundai Motor Group. Hyundai Steel will contribute to the construction and operation of a fuel cell power generation system linked to its own hydrogen production facilities to apply eco-friendly power sources and improve electricity self-sufficiency.

Andong-il, CEO of Hyundai Steel, said, "Hyundai Steel is actively promoting resource circulation and recycling with the goal of becoming an eco-friendly steelworks," adding, "We will actively participate in hydrogen production and eco-friendly energy sectors to become the world's best eco-friendly steelworks."

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