IGE, a division of SK E&S’ liquid hydrogen business, has been successful in securing KRW 360 billion in corporate financing from a state-owned financial institution. In the Incheon region, it is used to construct a 30,000-ton liquid hydrogen factory.
IGE recently inked a project financing (PF) financing deal for the Incheon liquid hydrogen plant project, according to SK E&S’s latest announcement on the 23rd.
IGE, a division of SK E&S, is encouraging the development of a 30,000-ton liquid hydrogen facility in Incheon. SK E&S was founded in March of last year to promote enterprises like the production and sale of liquid hydrogen.
The Korea Development Bank (KDB), the Export-Import Bank of Korea (KEXIM), and IBK Corporate Bank all participated in the PF as lenders. The lenders were able to successfully arrange finance to support the hydrogen business by working together.
The Development Bank of Korea is also increasing climate finance for carbon neutrality by lending to companies that require venture and patience capital in the early phases of the industry by employing green financial products.
The goal of building an ecosystem for the hydrogen industry is anticipated to gain more strength with the signing of this agreement. With a capacity of up to 30,000 tons annually, SK E&S intends to construct the liquid hydrogen plant in Incheon and begin distributing affordable liquid hydrogen through liquid hydrogen refueling stations around the country in the second half of 2023.
With the signing of this agreement, an official from SK E&S said, “We will be able to boost investment costs steadily,” adding, “We will contribute to the creation of a domestic hydrogen ecosystem by generating and supplying liquid hydrogen without a hitch.”
