MOSCOW (MRC) -- Hyosung Group has signed a Memorandum of Understanding (MoU) with Linde to build a liquid hydrogen plant in South Korea, according to Chemicals Technology.
The two companies also agreed to jointly invest KRW300bn (USD250m) by 2022 to create a value chain, involving liquid hydrogen production, storage, transport and recharging facilities.
The liquid hydrogen plant will be located on a 30,000m area within the site of Hyosung Yongyeon plant in Ulsan. The facility will have an annual production capacity of 13,000t of liquid hydrogen.
According to the company, the plant will be the single largest liquid hydrogen manufacturing facility in the world.
Construction work is scheduled to begin in the first quarter of next year and to be completed in 2022.
Meanwhile, Hyosung and Linde will invest in building liquid hydrogen recharging infrastructure. As agreed, the two companies will set up around 120 hydrogen recharging stations across the country, including 50 new units and 70 enlarged stations.
Hyosung Chairman Cho Hyun-joon said: "Hydrogen is an eco-friendly energy source that can change existing carbon-centred economic structure. Its possibilities are endless.
"The point of liquid hydrogen business sought by Hyosung is to store and transport hydrogen efficiently and safely. Investment this time will play a big role in invigorating the ecology of domestic hydrogen industry."
The new hydrogen plant will leverage Linde’s hydrogen liquefaction technology and system to produce liquid hydrogen.
Liquid hydrogen has several uses in mobility segments, including its use as a fuel for cars.
We remind that, as MRC informed earlier, LyondellBasell, the world’s largest licensor of polyolefin technologies, has recently announced that Hyosung Vina Chemicals Co., Ltd. will use the LyondellBasell Spheripol technology for a new facility. The process technology will be used for a 300 KTA polypropylene (PP) plant to be built in Cai Mep Industrial Zone, Vung Tau Province, Vietnam.
According to MRC's ScanPlast report, PP shipments to the Russian market were 192,760 tonnes in January-February 2020, down by 6% year on year. Homopolymer PP accounted for the main decrease in imports.