Hyundai Engineering announced on the 11th of June that it has inked a business agreement with Korea Central Power Company. This strategic collaboration is aimed at the hydrogen production business using water electrolysis, marking a significant step in the industry’s efforts to decarbonize.
The ceremonial contract signing took place at Hyundai Engineering’s headquarters in Kye-dong, Jongno-gu, Seoul. Lim Kwan-seop, Hyundai Engineering’s Executive Vice President, and the Head of the Plant Business Division, together with Park Young-kyu, Vice President and Head of the Technology and Safety Division of Central Power Generation, led the discussions on the future course of the business venture.
Hyundai Engineering’s role in this venture primarily revolves around facility planning and execution of the EPC (Engineering, Procurement, and Construction) of the hydrogen production project. Meanwhile, Central Power Company is focusing on ensuring business-related operations and strategizing business models.
Explaining the vision behind the initiative, an official from Hyundai Engineering highlighted, “We are investing in diverse businesses and participating in R&D to produce hydrogen, a key energy source for a decarbonized society.” This indicates Hyundai’s commitment to bolstering a sustainable and carbon-neutral future.
Hyundai’s foray into hydrogen production isn’t their first venture into this field. In October 2021, Doosan Heavy Industries & Construction signed a multilateral business agreement for cooperation in the medium-sized hydrogen power plant turbine business. This venture was aimed at the commercialization of turbine power generation through 10% hydrogen combustion, a first for Korea, signifying Hyundai’s progressive outlook on hydrogen-based technologies.
In addition to the hydrogen production business, Hyundai Engineering is making noteworthy contributions to eco-friendly and energy ventures. Their portfolio includes small and micro-modular nuclear power plants, renewable energy businesses such as offshore wind and solar power, and the supply of electric vehicle charging infrastructure.
Hyundai Engineering’s pursuit of diverse sustainable energy solutions reaffirms its commitment to a carbon-neutral future. Through its collaborative projects and hydrogen-focused research, Hyundai Engineering is leading the charge toward a sustainable future. This promising new initiative with Korea Central Power Company cements its position in the quest for practical hydrogen solutions and sets the stage for a decarbonized society.