Hyosung Heavy Industries & Construction stated that it had signed an MOU with Busan City and Korea Asset Management Corporation (Kamco) to develop a liquid hydrogen industry ecosystem in Busan.
The agreement was implemented to encourage the rebirth of the hydrogen sector in Busan, including the construction of charging infrastructure for liquid hydrogen on idle state property in Busan. In Busan, there are just two hydrogen charging stations, thus infrastructure growth is critical.
According to the agreement, Hyosung Heavy Industries would encourage the delivery of liquid hydrogen to Busan and the building of a charging station, while also working with local small companies to extend the hydrogen charging infrastructure. Camco will be in charge of leasing state property appropriate for the development of liquid hydrogen charging stations, and Busan City will improve administrative assistance for the liquid hydrogen sector.
On the site of Ulsan Yongyeon Plant, Hyosung Heavy Industries & Development is supporting the construction of the world’s biggest single-scale 13,000-ton yearly liquefied hydrogen plant, with full-scale operation expected in May 2023. It also plans to establish liquid hydrogen charging stations for big commercial hydrogen cars in 30 places around the country after the liquid hydrogen facility is completed.
Hyosung Heavy Industries, the market leader in domestic hydrogen charging systems, has established hydrogen charging stations in around 20 locations across the country.
Liquid hydrogen generation and charging techniques are being developed locally by Hyosung Heavy Industries. It also encourages innovative and renewable energy-related ventures, as well as research and development for green and blue hydrogen generation.
Meanwhile, Hyosung Heavy Industries Executive Vice President Hyun-cheol, Busan City Deputy Mayor Kim Yun-il, and Camco Acting President Shin Shin-shik were present for the signing ceremony.
