Airute "Woojin Gijeon, Toshiba Collaborate to Introduce Hydrogen Fuel Cells 'Leading Hydrogen Market'"

[Asia Economy Reporter Hyunseok Yoo] Woojin Electric, an affiliate of A-Route, announced on the 30th that it is promoting the introduction of hydrogen fuel cells from Toshiba Energy and Systems & Solutions (Toshiba ESS) to enter the hydrogen market, which is gaining attention as a "future clean energy."

As the global decarbonization trend accelerates, large-scale investments in clean energy represented by hydrogen are continuing, and Woojin Electric plans to secure a leading position in the hydrogen market through the introduction of hydrogen fuel cells.

Woojin Electric, which provides distribution of industrial power equipment and solution engineering services, offers solutions in four areas: power quality, power systems, power equipment, and renewable energy. It plans to diversify its portfolio by adding hydrogen fuel cell products to the existing renewable energy sector, represented by land and offshore solar power and offshore wind power.

A Woojin Electric official explained, "The Toshiba ESS hydrogen fuel cells currently being introduced use by-product hydrogen generated as a by-product in petrochemical processes," adding, "Since there is no combustion process, the power generation efficiency is high, and it is an eco-friendly energy that emits almost no pollutants such as sulfur oxides, nitrogen oxides, or greenhouse gases."

Woojin Electric plans to supply related products and solutions as early as next year once negotiations with Toshiba ESS are finalized. Chang-ik Jang, CEO of Woojin Electric, said, "The global hydrogen market is expected to expand to $12 trillion (approximately 1,340 trillion KRW) by 2050," adding, "We will enter the hydrogen market with Toshiba, with whom we have maintained a long-term cooperative relationship, to create a new growth engine."

Woojin Electric was incorporated as an affiliate of A-Route on the 23rd. A-Route acquired 30.7% of the shares of Woojin Holdings, which owns Woojin Electric, from its subsidiary (Gionix). In December last year, A-Route also invested in a private equity fund that acquired convertible bonds (CB) of Woojin Holdings and secured a call option to purchase all CBs. If A-Route exercises this call option in the future, it will also be possible to secure management rights of Woojin Electric.

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