J&K Heater, a company primarily known for its industrial heating furnaces, is looking to increase its share of hydrogen business in order to reach its target of related sales of 60 billion won this year.
The company has had a difficult performance over the last five years, with sales of industrial heating furnaces decreasing by almost 40% between 2019 and 2021. However, with the growing demand for green energy, J&K Heater’s hydrogen business has seen a significant increase in sales. According to the Financial Supervisory Service’s Electronic Disclosure System, sales for J&K Heater’s hydrogen business had a seven-fold increase from 2.5 billion won in 2019 to 17.3 billion won in 2021. Additionally, sales from the hydrogen industry totaled 15.7 billion won in the third quarter of 2022, accounting for 19% of all sales.
J&K Heater’s hydrogen business is focused on extracting hydrogen from biogas or municipal gas using hydrogen extractors, which are pieces of equipment installed in landfills. The company is also investing in new technologies for the hydrogen sector, such as the creation of a method for isolating hydrogen from ammonia and a system for supplying liquefied hydrogen. J&K Heater has also signed contracts to supply hydrogen extractors to the Saudi Arabian oil major Aramco and hydrogen charging stations to an Indian oil business, further solidifying its position in the growing hydrogen industry.
The use of hydrogen as an energy source has become increasingly significant worldwide, as a result of policies such as the US Inflation Reduction Act (IRA) and the European Union’s energy issue. Many countries are now promoting the use of hydrogen as an alternative to fossil fuels and investing in hydrogen infrastructure, such as the European Union and China. In Korea, there are plans to switch the fuel used in petrochemical plants to hydrogen and increase subsidies for hydrogen vehicles to increase the number of hydrogen buses and trucks. UAE has also made the decision to invest nearly 37 trillion won in Korea’s hydrogen, defense, and nuclear power sectors, which will benefit the hydrogen industry.
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Overall, J&K Heater’s focus on increasing its share of hydrogen business and investment in new technologies for the hydrogen sector positions the company well to take advantage of the growing demand for green energy and the increasing use of hydrogen as an energy source. With the company’s reputation for technology and its contracts with major players in the industry, J&K Heater is well-positioned to see success in the coming years.
