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Hyundai Motor Group and Saemangeum Development Administration Sign Green Hydrogen Development Agreement

By November 20, 2020 4   min read  (734 words)

November 20, 2020 |

Seoul–Eight institutions and companies, including Hyundai Motor Group and Saemangeum Development Administration, accelerate the realization of a hydrogen society through green hydrogen demonstration projects.

Hyundai Motor Company, Hyundai Engineering, Hyundai Motor Securities and Saemangeum Development Agency, Saemangeum Development Corporation, LG Electronics, Korea Western Power, and Hydrogen Energen were held at the Dragon City Hotel in Seoul (located in Yongsan-gu, Seoul) on the 19th. It was revealed that it has signed a memorandum of understanding for research.

The signing ceremony was held on the same day as Jae-hyuk Oh, head of Hyundai Motors’ New Energy Business Promotion Department, Chan-woo Park, head of Hyundai Engineering’s Infrastructure Industry Development Headquarters, Young-seon Song, head of Hyundai Motor Securities IB Headquarters, Yang Chung-mo, head of Saemangeum Development Agency, Pal-moon Kang, President of Saemangeum Development Corporation, Jae-cheol Huh, Head of B2B Group of LG Electronics Korea Sales Headquarters, B2B Group Head, Kim Byeong-sook, President of Korea Western Power, Kim Woo-seop, CEO of Hydrogen Energen, and other related organizations were present.

Through this agreement, eight organizations and companies, including Hyundai Motor Group, will initiate an investigation into the feasibility of a green hydrogen business that links renewable energy and hydrogen utilization, such as solar power, energy storage (ESS), water electrolysis facilities, and fuel cells.

Hydrogen can be classified into ‘gray hydrogen’ extracted from fossil fuels,’ blue hydrogen’ that captures and stores carbon dioxide, and green hydrogen’ that is produced by electrolyzing water by receiving electricity from renewable energy. In particular, green hydrogen is characterized by no emission of carbon dioxide during the energy generation process by using renewable energy as an energy source.

Meanwhile, the Saemangeum region, which was selected as the project destination, is equipped with abundant renewable energy facilities such as the world’s largest floating photovoltaic power generation and continues to actively support the fostering of future energy businesses including hydrogen energy.

Depending on their role, the parties of the agreement can be divided into three categories: △electricity supply for hydrogen production of green hydrogen △use of green hydrogen.

First, LG Electronics produces electric power by equipping the Saemangeum area with power generation facilities such as solar modules and energy storage systems (ESS).

Hydrogen Energen provides water electrolysis (water electrolysis) technology and equipment so that hydrogen can be produced using the supplied power, and Hyundai Engineering builds an integrated hydrogen production plant facility including water electrolysis facilities.

Hyundai Motor Company will generate electricity based on hydrogen produced at the plant through fuel cell technology and power generation facilities, and Korea Western Power will be responsible for selling the generated electricity to various energy consumers.

Lastly, the Saemangeum Development Agency is planning to provide support for commercialization while helping related administrative procedures for project implementation, requesting system improvement from related organizations, and Saemangeum Development Corporation providing overall support for the project. Hyundai Motor Securities will be in charge of financial procurement for business promotion and value chain analysis and validation of the green hydrogen business.

The Hyundai Motor Group plans to maximize the synergy effect between renewable energy and hydrogen energy and to maximize the capabilities of each company to secure the value chain of green hydrogen, which is the direction that hydrogen energy should ultimately go.

The ‘Joint Research for Commercialization of Green Hydrogen Value Chain’ prepared through this agreement is evaluated to achieve the government’s Green New Deal policy, convert to green hydrogen, create new businesses, and revitalize the industry in the Saemangeum region. From now on, the business is expected to begin in earnest.

The Hyundai Motor Group said that this business agreement, which was prepared by the public and private sectors, will be the starting point for making a big change in the hydrogen energy industry.The Hyundai Motor Group can play a leading role in expanding the supply of green hydrogen as well as efforts to expand the base of the hydrogen ecosystem. He said that he will focus all of his competencies.

Meanwhile, Hyundai Motor Company signed a business agreement with local partners in China, including Shanghai Electric Power Co., Ltd., to build a hydrogen commercial vehicle platform, △A business agreement signed with Australian research institutes and companies, including CSIRO, for hydrogen production technology development. It has been continuing business agreements to expand the base of the hydrogen ecosystem in various fields, including business agreements concluded with local governments and energy industries to build commercial vehicle hydrogen infrastructure.

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