Hyosung Heavy Industries to Establish Liquefied Hydrogen Infrastructure in Busan Region

Busan City and KAMCO Sign Business Agreement to Establish Busan Metropolitan City Liquefied Hydrogen Industry Ecosystem

[Asia Economy Reporter Hwang Yoon-joo] Hyosung Heavy Industries is set to build liquefied hydrogen infrastructure in the Busan area in collaboration with the Korea Asset Management Corporation (KAMCO).

On the 13th, Hyosung Heavy Industries signed a Memorandum of Understanding (MOU) with Busan Metropolitan City and KAMCO to establish a liquefied hydrogen industry ecosystem in Busan. The signing ceremony was attended by Hyun Cheol, Executive Director of Hyosung Heavy Industries, Kim Yoon-il, Deputy Mayor for Economic Affairs of Busan, and Shin Heung-sik, Acting President of KAMCO.

This agreement was promoted to revitalize the hydrogen industry in Busan by building liquefied hydrogen refueling infrastructure on idle national land in the Busan area. Currently, there are only two hydrogen refueling stations operating in Busan, making infrastructure expansion urgent.

According to the agreement, Hyosung Heavy Industries will promote the supply of liquefied hydrogen and the construction of refueling stations in Busan, while also cooperating with small and medium-sized enterprises in the Busan region to expand hydrogen refueling infrastructure. Busan Metropolitan City will strengthen administrative support for fostering the liquefied hydrogen industry, and KAMCO will be responsible for leasing suitable national land for the construction of liquefied hydrogen refueling stations.

Hyosung Heavy Industries is pushing forward with the construction of the world's largest single-scale liquefied hydrogen plant with an annual capacity of 13,000 tons on the site of the Ulsan Yongyeon plant, aiming for full operation in May 2023. In line with the completion of the liquefied hydrogen plant, it also plans to build liquefied hydrogen refueling stations for large commercial hydrogen vehicles at more than 30 locations nationwide.

As the number one domestic hydrogen refueling system market leader, Hyosung Heavy Industries has built hydrogen refueling stations at more than 20 locations nationwide so far. The company is actively pursuing the localization of technology for liquefied hydrogen production and refueling, and is accelerating renewable energy-linked projects and research and development for green and blue hydrogen production.

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