Hyundai Glovis has inked a memorandum of understanding (MOU) with GS Energy for a partnership in the production and transport of ammonia and hydrogen.
According to the MOU, GS Energy will be in charge of producing the clean energy and setting up import terminals, and Hyundai Glovis will be in charge of the sea transportation of ammonia and hydrogen. Together, they will look for fresh clients and investment prospects.
To strengthen its position in the sea transportation of clean energy, Hyundai Glovis has invested 200 billion won (US$154 million) in the construction of two very large petrol carriers (VLGC). Delivery of the 86,000 cubic metre vessels is anticipated for 2024. The liquefied ammonia that is used as a feedstock for hydrogen can be transported using Hyundai Glovis’ VLGCs, which are outfitted with specific materials.
Also, Hyundai Glovis and GS Energy decided to expand their collaboration into the recycling of used batteries and liquefied carbon dioxide.