Hyundai Engineering & Construction to Build Overseas Hydrogen Plants with Japanese Trading Company

MOU Signed with Itochu Corporation for Collaboration on Hydrogen Energy Transition

Hyundai Engineering & Construction announced on the 14th that it has signed a memorandum of understanding (MOU) with Itochu Corporation, a comprehensive trading company in Japan, for collaboration on new businesses related to hydrogen energy transition.

Under this agreement, the two companies will jointly pursue new businesses in hydrogen production and supply. Itochu Corporation, which invests in and develops projects around the world, will be responsible for overall project management and investment, while Hyundai Engineering & Construction will handle the plant EPC (engineering, procurement, and construction). Itochu Corporation possesses global expertise in raw material supply, including being the first in the world to order an ammonia bunkering vessel (fuel supply ship). Hyundai Engineering & Construction, with its capabilities in constructing hydrogen production plants, is expected to generate synergy through this partnership.

On the 13th, at Itochu Corporation headquarters in Tokyo, Japan, Lee Hanwoo, CEO of Hyundai Engineering & Construction (right in the photo), Lee Sangbae, Head of the Plant Business Division, Kanai Masashi, Head of Urban Environment and Power Infrastructure at Itochu Corporation, and Tsubai Hiroyuki, President of the Machinery Company, along with the key executives of both companies, took a commemorative photo after signing the agreement. Provided by Hyundai Engineering & Construction

Established in 1858, Itochu Corporation operates diverse businesses including textiles, machinery, minerals, energy and chemicals, and real estate. The company has previously collaborated with Hyundai Engineering & Construction on projects such as the Sarulla geothermal power plant in Indonesia and Panama Metro Line 3. Last year, the two companies signed an agreement to explore business opportunities in pumped-storage power generation, data centers, ammonia, and liquefied natural gas (LNG).

Hyundai Engineering & Construction also announced that it met with other major Japanese trading companies, such as Mitsui & Co. and engineering firm JGC, to discuss cooperation in areas including large-scale nuclear power plants, offshore wind power, data centers, LNG, and post-war reconstruction in the Middle East. The company stated, "A partnership that combines the strengths of Korea and Japan is essential to secure global leadership in high value-added businesses," and added, "We will solidify our leading position across the entire energy value chain by collaborating with leading global companies, accelerating the construction of sustainable future infrastructure."

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