Hyundai Motor Group and Saemangeum Development Agency Jointly Research 'Green Hydrogen Value Chain'

Hyundai Motor, Hyundai Engineering, LG Electronics, Saemangeum Development Agency, and 4 Other Organizations and Companies Collaborate

[Asia Economy Reporter Kim Ji-hee] Hyundai Motor Group, Saemangeum Development Agency, and six other institutions and companies have joined hands to realize a hydrogen society through a green hydrogen demonstration project.

Hyundai Motor, Hyundai Engineering, Hyundai Motor Securities, Saemangeum Development Agency, Saemangeum Development Corporation, LG Electronics, Korea Western Power, and Hydrogen Energen signed a "Memorandum of Understanding for Joint Research to Establish a Green Hydrogen Value Chain" on the 19th at Dragon City Hotel in Yongsan-gu, Seoul. The signing ceremony was attended by key figures including Oh Jae-hyuk, Head of Energy New Business Division at Hyundai Motor, Park Chan-woo, Head of Infrastructure Industry Development Division at Hyundai Engineering, Yang Chung-mo, Administrator of Saemangeum Development Agency, and Kang Pal-moon, President of Saemangeum Development Corporation.

Through this agreement, the institutions and companies will begin investigating the feasibility of a green hydrogen project that links renewable energy such as solar power, energy storage systems (ESS), water electrolysis facilities, and fuel cells with hydrogen utilization. Green hydrogen is produced by electrolyzing water using electricity supplied from renewable energy, resulting in zero carbon dioxide emissions during the energy production process.

Each party will take on three roles: ▲power supply for hydrogen production ▲green hydrogen production ▲green hydrogen utilization.

First, LG Electronics will install power generation facilities such as solar modules and energy storage systems (ESS) in the Saemangeum area to produce electricity. Hydrogen Energen will provide water electrolysis technology and facilities, and Hyundai Engineering will build an integrated hydrogen production plant.

Hyundai Motor will generate electricity based on the hydrogen produced at the plant. Korea Western Power will be responsible for selling this electricity to various energy consumers. Finally, Saemangeum Development Agency will assist with administrative procedures for project implementation and support requests for institutional improvements and commercialization from related organizations. Saemangeum Development Corporation will provide overall project support. Hyundai Motor Securities will handle financial procurement for project promotion and analyze the green hydrogen business value chain and feasibility verification.

The "Joint Research for Commercialization of the Green Hydrogen Value Chain" established through this agreement is expected to contribute to achieving the government's Green New Deal policy, transitioning to green hydrogen, and creating new businesses. The full-scale project is scheduled to commence next year.

A Hyundai Motor Group official stated, "This business agreement, prepared through the combined efforts of the public and private sectors, will be a starting point that brings significant change to the hydrogen energy industry," adding, "Hyundai Motor Group will focus all its capabilities not only on expanding the hydrogen ecosystem but also on playing a leading role in the widespread adoption of green hydrogen."

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