Uljin County in North Gyeongsang Province has signed a business agreement with GS Energy to promote the Uljin Nuclear Hydrogen National Industrial Complex. The Uljin military has been promoting the ‘Uljin Nuclear Hydrogen National Industrial Park,’ which is expected to receive a boost from this business agreement.
As part of the agreement, the two parties will collaborate on the feasibility study for the introduction of a small modular reactor (SMR) by New Scale Power Corporation within the National Industrial Complex for Nuclear Hydrogen. They will also cooperate in supplying electricity and heat to the National Industrial Group for Nuclear Hydrogen and involve partner companies in the National Industrial Group for Nuclear Hydrogen.
The Uljin Nuclear Hydrogen National Industrial Complex aims to foster the production and supply of hydrogen using nuclear power, thereby contributing to achieving carbon neutrality and creating a new growth engine for the national economy. The complex is expected to have a positive impact on the domestic nuclear power and energy industries.
The business agreement with GS Energy, the nation’s No. 7 private power generation company, is significant as it is expected to provide momentum to the Uljin nuclear hydrogen national industrial park creation project being promoted in Uljin County.
The feasibility study for the SMR is a key element of the project, as it will determine the feasibility of using small modular reactors to generate nuclear power for the production of hydrogen. The National Industrial Complex for Nuclear Hydrogen is expected to be a significant contributor to Korea’s hydrogen industry, which is projected to reach a market size of KRW 70 trillion by 2050.
The Uljin Nuclear Hydrogen National Industrial Complex is a part of Korea’s efforts to promote hydrogen as a future energy source and achieve carbon neutrality by 2050. With the signing of the MOU with GS Energy, the project is expected to move forward with increased momentum, with potential benefits for the Korean economy and the global transition to cleaner energy sources.