The construction of South Korea’s first liquid hydrogen factory has begun, according to Hyosung Group, a textile and chemical conglomerate.

The Ulsan project, which will cost 300 billion won ($264.6 million), will be developed by Linde Hydrogen, a joint venture created in February by Hyosung Group subsidiary Hyosung Heavy Industries and German chemical company Linde.

The envisioned plant, which is scheduled to begin commercial operations in May 2023, would be the world’s largest liquid hydrogen factory, with an annual production capacity of 13,000 metric tons — enough to fuel 100,000 automobiles annually.

“The energy revolution will change the future of mankind and hydrogen energy is at its core. Through continued investments, Hyosung will lead the paradigm shift to hydrogen,” said Hyosung Group Chairman Cho Hyun-joon.

Additionally, Hyosung Group will invest 1 trillion won independently over the next five years to expand its liquid hydrogen production capacity to 39,000 tons. Additionally, it will construct large-scale liquid hydrogen charging stations in approximately 30 locations throughout the country.

Hyosung will localize liquid hydrogen charging technology and equipment by 2024 through a partnership with Linde. Additionally, it is pursuing the development of blue and green hydrogen extraction technologies, as well as the establishment of a green hydrogen production facility by 2025.