Yeosu City Attracts $800 Million for Blue Hydrogen Cluster Development in Germany

Published 04 May.2023 14:10(KST)

Expectations for Economic Revitalization Boost in Region Following 3-Day Agreement Signing

Yeosu City in Jeollanam-do is expected to bring a boost to the local economy by attracting an investment of 800 million USD from Linde, the world's largest industrial gas company, and Hanyang Co., Ltd.

According to the city, on the 3rd in Frankfurt, Germany, Yeosu City signed an investment agreement with Jeollanam-do, Linde, and Hanyang Co., Ltd. for a blue hydrogen production cluster project worth approximately 800 million USD (1 trillion KRW).

Yeosu City signed an investment agreement for a blue hydrogen production cluster project worth approximately 800 million USD with Jeollanam-do, Linde SA, and Hanyang Co., Ltd. in Frankfurt, Germany.
Photo by Yeosu City

The signing ceremony was attended by about 30 people, including Kim Young-rok, Governor of Jeollanam-do, Kim Jong-gi, Deputy Mayor of Yeosu, Sean Durbin, Head of Europe, Middle East, and Africa (EMEA) at Linde, Sung Baek-seok, CEO of Linde Korea, and Kim Hyung-il, CEO of Hanyang Co., Ltd.

According to the agreement, Linde and Hanyang Co., Ltd. plan to establish a ‘blue hydrogen production cluster’ by 2030 on the site of the Myodo Port redevelopment project, including hydrogen production facilities, carbon capture, liquefaction, and storage facilities, after conducting feasibility studies.

With an investment of 800 million USD within seven years and the expected creation of additional direct and indirect jobs in the region, it is anticipated to significantly contribute to revitalizing the local economy.

At the event, Sung Baek-seok, CEO of Linde Korea, stated, “This investment will provide an opportunity to expand the supply of clean hydrogen to the Yeosu Industrial Complex in connection with the Gwangyang Bay hydrogen loop network project. We will do our best to achieve mutual growth with the region and partner companies.”

Following this, Kim Hyung-il, CEO and Vice Chairman of Hanyang Co., Ltd., said, “The blue hydrogen production cluster will be an important outpost for the development of the future clean hydrogen industry and the realization of carbon neutrality. We will strive to promote the project so that it can play a pivotal role as a hub for expanding clean hydrogen supply.”

In response, Kim Jong-gi, Deputy Mayor of Yeosu, said, “We will actively support Linde PLC and Hanyang Co., Ltd. to grow further as leading blue hydrogen production companies representing Korea, together with Jeollanam-do. We will continue to attract high value-added industries to create quality jobs and drive the revitalization of the local economy.”