Hyundai Heavy Industries Group will complete a hydrogen value chain from production to transport, storage and sale of fuel cell by 2030, reports Pulse.
Hydrogen roadmap 2030
Hyundai Heavy Industries Group with a mainstay in shipbuilding, robotics and rolling stock, unveiled its hydrogen roadmap 2030 during an online conference.
The focus was to establish its own value chain for hydrogen, based on infrastructure and technical competitiveness of each affiliated unit.
Hydrogen business blueprint
This is the first time the company disclosed its blueprint for the hydrogen business, one of its new growth engines along with artificial intelligence and robotics.
Under the roadmap, Hyundai Heavy Industries Group aims to establish a value chain from production to transport, storage and use on hydrogen fuel.
Green hydrogen development
Korea Shipbuilding & Offshore Engineering Co. (KSOE), the shipbuilding holding entity, will spearhead production, transport and supply.
Based on its shipbuilding and plant technologies, it will seek for development of green hydrogen that uses renewable energy to produce hydrogen from water and plant operation.
KSOE – Hyundai Oilbank Co. teams up
KSOE will team up with Hyundai Oilbank Co. to establish the hydrogen production infrastructure.
KSOE’s part
KSOE will be responsible for the green hydrogen plant business, and Hyundai Oilbank blue hydrogen project.
Hyundai Oilbank’s MoU
Hyundai Oilbank early this month signed a memorandum of understanding with Saudi Arabia’s Aramco for joint development on blue hydrogen.
It aims to produce hydrogen from liquefied petroleum gas supplied from Aramco.
KSOE’s plans
KSOE plans to speed up development of hydrogen tankers for stable supply of hydrogen and hydrogen-powered cargo vessels using the fuel cell technology.
Hyundai Oilbank’s part
Business related to storage, use and sale will be led by Hyundai Oilbank.
Blue hydrogen usage
Blue hydrogen can be used in desulfurization facilities or sold as fuel for vehicles and power generation. The company earlier decided to build 180 hydrogen charging stations across Korea by 2030.
Eco-friendly vessels
“The group’s new business for growth will be accelerated with focus on eco-friendly vessels and green energy,” said a company official from Hyundai Heavy Industries Group.
HHI Holdings shares
HHI Holdings shares closed 7.38 percent higher at 291,000 won in Seoul on Friday. Shares of KSOE jumped 11.39 percent to end at 132,000 won.
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Source: Pulse
