SK Eco Plant is collaborating with Korea East-West Power to acquire green hydrogen from solar power generation on the other side of the world.
At the Susong office building in Jongno-gu, Seoul, SK Ecoplant stated on the 29th that it had signed a commercial agreement with East-West Power for the ‘joint development of foreign green hydrogen-linked solar power projects.’
Park Kyung-il, president of SK Ecoplant, and Kim Young-moon, president of East-West Power, were present at the signing ceremony and pledged to aggressively collaborate in securing abroad green hydrogen production bases.
The two businesses intend to start a solar power business in another country, make green hydrogen using the electricity generated, and sell it in Korea. East-West Power is in charge of acquiring green hydrogen created, using it as a power source, and providing other clients, while SK Eco Plant provides water electrolysis solutions, solar power solutions, and financial procurement capabilities.
The key development target locations are eight nations in Australia, including Western Australia and Queensland, which are considered to have the lowest green hydrogen production costs in the world. Because of its plentiful sunshine and enormous land area, Australia is the greatest region for solar power generation.
Based on their capabilities, the two firms want to sign a joint development agreement (JDA) this year and broaden the target regions for development not only in Australia but also in the Middle East.
According to the Ministry of Trade, Industry, and Energy’s ‘First Basic Plan for the Implementation of the Hydrogen Economy,’ the government’s domestic supply of clean hydrogen (green and blue hydrogen) will be 27.9 million tons in 2050. We want to vigorously encourage the introduction of abroad clean hydrogen generated using home technology and finance, in addition to domestic production.
The government has also stated intentions to extend hydrogen infrastructure and aggressively encourage domestic enterprises working on hydrogen development in other countries in the future. According to SK Ecoplant, the introduction of overseas green hydrogen is projected to help expedite the construction of a domestic hydrogen ecosystem and the commercialization of domestic green hydrogen.
Earlier this year, SK Ecoplant made a hasty foray into the green hydrogen market. For the first time in Korea, they demonstrated high-efficiency water electrolysis hydrogen generation using the Solid Oxide Electrolysis Cell in February, in collaboration with Bloom Energy of the United States and Bloom SK Fuel Cell (a joint venture between SK Ecoplant and Bloom Energy). Based on this, 1.5MW class water electrolysis facilities are being developed at the wind farm in Gujwa-eup, Jeju, with the backing of the Ministry of Trade, Industry, and Energy, and they are also participating in the green hydrogen production demonstration project.
East-West Power is also leading the charge in securing local green hydrogen supply sources and creating distribution networks in other countries. By 2030, it hopes to have secured 70,000 tons of green hydrogen by investing in 1.4 gigawatts of renewable energy and water electrolysis plants across the world.
“We will take the lead in the green hydrogen market by utilizing the nation’s top technical skills and improving the value chain of hydrogen technology to solar solutions,” said Park Kyung-il, president of SK Ecoplant.
