KIB Plug Energy Invests in Ulsan Hydrogen Power Plant No.1... "Expanding Hydrogen Fuel Power Business"

KIB Plug Energy, a specialist company in heat exchangers and hydrogen energy, announced on the 24th that it will invest in Ulsan Hydrogen Power Generation No.1 Co., Ltd. to enter the hydrogen fuel power generation business.

Ulsan Hydrogen Power Generation No.1 will utilize this investment to enter the hydrogen fuel power generation business with an annual capacity of 165 gigawatts. This is enough electricity to supply approximately 50,000 households based on a four-person household in Ulsan. The company explained that it has secured a site in Uljin and completed coordination with major power generation companies and national policy financial institutions.

KIB Plug Energy plans to expand its hydrogen fuel power generation business through phased investments in Ulsan Hydrogen Power Generation No.1. This year, it will complete site acquisition and obtain permits, start construction next year, and plans to begin commercial operation in 2025. The total project scale is about 110 billion KRW, and upon completion, the facility capacity will reach 20 megawatts, establishing it as Ulsan City's second hydrogen fuel power generation company.

The company stated, "Based on the stable existing heat exchanger business, which is expected to secure orders exceeding 100 billion KRW annually, we are successfully advancing into the high-growth hydrogen energy business," adding, "We aim to establish base power plants in local governments outside Ulsan and secure this as a long-term future growth engine, targeting sales of 1 trillion KRW over the next 20 years."

Earlier, KIB Plug Energy announced in August that it would enter the commercial bus electric and hydrogen vehicle market through the acquisition of shares in Beomhan Motors. In addition to electric buses, it plans to develop hydrogen buses, garbage trucks, street sweepers, and 5-seat electric pickup trucks.

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