KIB, Building Hydrogen Energy Value Chain... "Full-Scale External Growth"
KIB Plug Energy is accelerating its new business and embarking on substantial external growth.
On the 27th, KIB Plug Energy announced, "We have completed the business structure reorganization and consultations with related organizations for the hydrogen energy business," adding, "Based on the competitive edge of the machinery and equipment technology we have secured, we will establish a hydrogen energy value chain and take the lead in the market."
KIB Plug Energy is a company with world-class technology in chemical production processes and mechanical equipment. In the future, through strategic collaboration with Korea Electric Power Technology Development and Korea Institute of Energy Technology, the company plans to design and directly operate hydrogen energy production processes.
According to a report by the Korea International Trade Association, the global hydrogen production market size is expected to grow at an average annual rate of 9.2%, increasing from $129.6 billion (approximately 165 trillion KRW) in 2020 to $201.4 billion (approximately 256 trillion KRW) by 2025.
A company representative stated, "We also plan to acquire companies operating in related industries through our existing plant business network," and added, "Preparations are underway for secondary batteries, waste plastic recycling, electric vehicles, and hydrogen vehicle businesses."
They continued, "We will secure the entire value chain from raw material procurement to hydrogen energy production facility design, raw material power generation, and hydrogen energy supply to each region," emphasizing, "This year marks the first year to solidify our foundation and prepare for external growth."
Hot Picks Today
As Samsung Falters, Chinese DRAM Surges: CXMT Returns to Profit in Just One Year
- "Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- Man in His 40s Who Kept Girlfriend's Body for a Year After Murder Sentenced to 30 Years in Prison Again on Appeal
- "Striking Will Lead to Regret": Hyundai-Kia Employees Speak Out... Uneasy Stares Toward Samsung Union
- "Why Make Things Like This?" Foreign Media Highlights Bizarre Phenomenon Spreading in Korea
Earlier, on the 13th, KIB Plug Energy held an extraordinary general meeting of shareholders and added business objectives including ▲ hydrogen production facilities and fuel production, supply, and sales business ▲ waste collection, treatment, and utilization business ▲ fuel cells and renewable energy. The company also changed its name from Quro and will relist under the new name on the 31st.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
