- Secure 20% stake in FCI, a solid oxide fuel cell company
S-Oil announced today that it will enters the hydrogen business by acquiring 20% of FCI a fuel cell manufacturer. S-OIL, will now become the shareholder of FCI through this investment.
CEO Al Qatani S-Oil said, “I expect that investment in the overall hydrogen economy will lead to sustainable growth.”
S-OIL is planning on entering hydrogen industry, from production to distribution and sales of hydrogen as one of the new business fields. To this end, S-OIL is reviewing the business using green hydrogen and green ammonia, and the production/distribution of liquefied hydrogen.
S-Oil is also contemplating opening a hydrogen station in Soeul and has recently announced that it is participating in a special purpose corporation called Kohygen (Korea Hydrogen Energy Network).
FCI, is a joint venture between Korea and Saudi Arabia, which holds 40 solid oxide fuel cell (SOFC) patents, is building cooperative relationships with various companies and research institutes, including Solid Power, an Italian fuel cell company.
FCI plans to build production facilities of 100 megawatts (mW) or more through investments of up to KRW 100 billion by 2027 and expand its scope to the green hydrogen business.
FCI CEO Taewon Lee said, “The Middle East market is highly competitive in gas prices, so fuel cell power generation can reach grid parity without government subsidies. “I am looking forward to synergies with S-Oil.”