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Hyundai Glovis Co., a logistics arm of Hyundai Motor Group, announced Tuesday that it has reached an agreement with Air Products to create a worldwide hydrogen supply chain.
Under the terms of the agreement, Hyundai Glovis will engage with the world’s leading hydrogen manufacturer to develop a domestic liquid hydrogen supply chain as well as a local blue-green hydrogen supply network.
Hyundai Glovis said the two firms will collaborate in areas such as overseas blue-green hydrogen ocean shipping and jointly explore foreign enterprises.
“There will be a wonderful synergy with Hyundai Glovis, which has lots of expertise in global gas transportation, and Air Products, which has lots of experience in gas manufacture and sales technology,” said Hyundai Glovis CEO Kim Jung-hoon during an online signing ceremony.
Air Products, based in Pennsylvania, offers complete solutions for the hydrogen supply chain, including production, liquefaction, storage, and transportation, as well as charging-fueling systems and supporting infrastructure.
Air Products, which has more than 60 years of hydrogen-handling experience and expects revenues of $8.9 billion in 2020, has been involved in more than 250 hydrogen refueling station projects in 20 countries.
Hyundai Glovis is stepping up its efforts to tap into new sustainable business areas in anticipation of a future hydrogen-based society.
Hyundai Glovis said earlier this month that it will expand its environmentally friendly business, which includes hydrogen transportation and EV battery recycling, under a new brand called ECOH.
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