Sungkwang Band Makes 3 Billion KRW Strategic Investment in Hydrogen Fuel Cell Specialist H&Power

Seongkwang Band announced on the 16th that it has decided to make a strategic investment of 3 billion KRW in H&Power, a hydrogen energy specialized venture company.

H&Power is a hydrogen specialized company focusing on hydrogen fuel cell (SOFC) power generation business, hydrogen extractor charging business, and hydrogen extraction and energy business from pyrolysis oil of waste plastics. It is a venture company specializing in research and development (R&D) related to hydrogen energy.

Seongkwang Band is a company that has grown over 60 years with technology and craftsmanship, recognized as a leading mid-sized company producing bands in the pipe fitting sector both domestically and internationally. This investment was decided to secure future growth engines and establish a foothold for business diversification.

In particular, hydrogen energy, an eco-friendly energy source, has attracted attention to the value chain where companies’ specialized fields converge, including clean hydrogen energy production and supply, development of related products such as fuel cells and mobility, and infrastructure construction. Therefore, H&Power, a hydrogen fuel cell specialized company, was chosen.

A Seongkwang Band official explained, "We expect to play an important role in the hydrogen city infrastructure project actively promoted by the government through our unrivaled manufacturing know-how in the pipe fitting sector," adding, "In the near future, significant synergy effects will appear in liquefied hydrogen plants and charging stations, which are connected to our existing pipe fitting business."

He continued, "By actively cooperating in building hydrogen energy infrastructure both domestically and internationally, the two companies will be able to secure global competitiveness in terms of hydrogen energy infrastructure construction."

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