Donghae City Accelerates Hydrogen Specialized Complex... Full-Scale Efforts to Attract Companies to Hydrogen Cluster

MOU Signed with Five Companies Including PK Valve and Seongwon Enterprise
Accelerating the Creation of a Hydrogen Industry Ecosystem

Donghae City in Gangwon Province announced on December 1 that it had signed a Memorandum of Understanding (MOU) on November 28 in the conference room on the 2nd floor of the main building of Donghae City Hall, together with Gangwon Special Self-Governing Province, PK Valve & Engineering Co., Ltd., Seongwon Enterprise Co., Ltd., Jinhwa Metal Co., Ltd., and GS Donghae Power Co., Ltd., to promote the attraction of companies to the hydrogen specialized complex.

On November 28, Donghae City held a Memorandum of Understanding (MOU) signing ceremony in the conference room on the 2nd floor of the Donghae City Hall main building, together with Gangwon Special Self-Governing Province, PK Valve & Engineering Co., Ltd., Seongwon Enterprise Co., Ltd., Jinhwa Metal Co., Ltd., and GS Donghae Power Co., Ltd., to promote the attraction of companies to the hydrogen specialized complex. Photo by Donghae City

This agreement was pursued to establish a cooperative system for attracting and supporting companies within the Donghae-Samcheok liquefied hydrogen storage and transportation specialized complex (hereinafter referred to as the hydrogen specialized complex), and to accelerate the creation of a hydrogen industry ecosystem.

The main points of the agreement include: △ building infrastructure and providing administrative and financial support for investment and attraction of companies to the hydrogen specialized complex; △ investment in the relocation or establishment of factories and research institutes within the hydrogen specialized complex; △ cooperation in the development of hydrogen-related technologies and industrial advancement; and △ collaboration on the creation of conditions for the sale and occupancy of the hydrogen specialized complex.

Among the companies participating in the agreement, PK Valve & Engineering Co., Ltd. (CEO Byun Sungjin) is the first company in Korea to commercialize cryogenic high-flow liquefied hydrogen valves, while Seongwon Enterprise Co., Ltd. (CEO Jeong Jongtae) possesses technology for solid hydrogen storage alloys and solid hydrogen storage systems in the field of shipbuilding equipment and offshore plant component manufacturing.

Jinhwa Metal Co., Ltd. (CEO Yoo Youngjo) is working on the development of special steel for liquefied hydrogen storage and transportation based on its technology for manufacturing grates for incinerators, and GS Donghae Power Co., Ltd. (CEO Hwang Byungso) participated in the agreement as the owner of the Bukpyeong No. 2 General Industrial Complex to cooperate in the sale of the industrial complex.

In particular, when the ongoing "Hydrogen Storage and Transportation Cluster Construction Project" is completed in 2028, it is expected to further strengthen the attraction of companies to the hydrogen specialized complex by providing a foundation for supporting R&D and commercialization for resident companies, as well as for evaluating the safety and performance of technologies and products.

Meanwhile, the Bukpyeong No. 2 General Industrial Complex was officially designated as a hydrogen specialized complex by the Ministry of Trade, Industry and Energy (currently the Ministry of Climate, Energy and Environment) in November last year, and various incentives are being offered, including a 2% additional investment subsidy for companies relocating from the Seoul metropolitan area, regulatory improvements, expedited licensing support, and R&D and commercialization assistance.

Shim Kyueon, Mayor of Donghae City, stated, "I would like to thank the companies that have joined forces to revitalize the hydrogen specialized complex, even as the global hydrogen economy is somewhat slowing down," adding, "We will actively support more companies to invest in and move into the hydrogen specialized complex as a result of this agreement."

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