Gyeongnam Province Launches Full-Scale 'Changwon Hydrogen Liquefaction Demonstration Plant Project'

On the 6th, Changwon City Hall Holds Main Equipment Order Contract and Investment Commitment Ceremony for Changwon Hydrogen Liquefaction Project

On the 6th, the main equipment order contract and investment commitment ceremony for the 'Hydrogen Liquefaction Demonstration Plant Construction Project' were held. (Photo by Gyeongnam Province)

[Asia Economy Yeongnam Reporting Headquarters, Reporter Kang Sharon] Gyeongsangnam-do held the main equipment order contract and investment commitment ceremony for the ‘Hydrogen Liquefaction Demonstration Plant Construction Project’ on the 6th at Changwon City Hall.

This event involved signing the EPC contract and investment agreement for the hydrogen liquefaction project with Changwon City, Doosan Heavy Industries & Construction, BNK Gyeongnam Bank, Changwon Industry Promotion Agency, Korea Industrial Complex Corporation Gyeongnam Regional Headquarters, and Hana Alternative Investment Asset Management.

According to this investment agreement, the ‘Changwon Hydrogen Liquefaction Demonstration Plant Construction Project (total investment scale of 95 billion KRW)’, which is the first of its kind in Korea, will be actively promoted.

To advance this project, ▲ HiChangwon Co., Ltd. will handle administrative tasks, ▲ Doosan Heavy Industries & Construction will build the hydrogen liquefaction demonstration plant and perform maintenance for the next 20 years, and ▲ BNK Gyeongnam Bank will provide a loan of 61 billion KRW by 2022.

Earlier in April, the province signed a business agreement with Changwon City, Doosan Heavy Industries & Construction, Korea Industrial Complex Corporation, and Changwon Industry Promotion Agency to ensure smooth execution of the project, and established HiChangwon Co., Ltd., with Korea Industrial Complex Corporation, Doosan Heavy Industries & Construction, and Changwon Industry Promotion Agency as investors.

Park Jong-won, Deputy Governor for Economic Affairs of the province, said, “If the 5-ton-per-day liquefied hydrogen project is successfully completed, it will become the first commercial liquefied hydrogen project in Korea and the ninth achievement worldwide,” adding, “We expect this to be a stepping stone for the hydrogen industry to leap forward through R&D related to liquefied hydrogen and commercialization in various fields including aviation.”

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