'Activation of Hydrogen Economy' Hyundai Motor Securities... Joint Development of Eco-friendly Hydrogen Production Plant

[Asia Economy Reporter Park Jihwan] Hyundai Motor Securities announced on the 16th that it has signed a joint development agreement with Hanwha Construction, Banwol Fashion Color Business Cooperative, and Samchully Asset Management to build an eco-friendly hydrogen production plant in the Ansan Banwol Dyeing Complex.

The agreement ceremony, held on the 15th at the Hanwha Building in Janggyo-dong, Seoul, was attended by Hyundai Motor Securities CEO Choi Byungcheol, Hanwha Construction Vice Chairman Choi Kwangho, Banwol Fashion Color Business Cooperative Chairman Koo Hongrim, Samchully Asset Management CEO Lee Jaekyun, and other officials.

Under this agreement, Hyundai Motor Securities will oversee financial services including financial underwriting and business consulting. Samchully Asset Management will be responsible for financial support and business asset management. Hanwha Construction will act as the construction company for the hydrogen production plant project and will promote the project together with Banwol Fashion Color Business Cooperative.

The Ansan Banwol hydrogen production plant project is the first eco-friendly project in Korea to produce hydrogen energy by recycling wastewater sludge. It is capable of producing 22,000 tons of hydrogen annually. Since all carbon dioxide generated during the treatment process is recovered and sold, it can also contribute to the government's publicly announced '2050 Carbon Neutrality Target Scenario.'

Hyundai Motor Securities, participating as a financial investor (FI) developer in this project, has been promoting the construction and operation development project of the hydrogen production plant recycling sludge from the dyeing complex, which had been the cause of odor and pollution, together with Banwol Fashion Color Business Cooperative since March. As a financial and business consulting firm, it has been involved from the early stages of the project, successfully leading the project development through processes such as feasibility studies and contractor selection.

Choi Byungcheol, CEO of Hyundai Motor Securities, said, "Through this agreement, we have become able to produce hydrogen energy by recycling wastewater sludge for the first time in Korea," adding, "Hyundai Motor Securities will continue to contribute to the activation of the domestic hydrogen economy by participating in various hydrogen economy infrastructure projects."

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