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    A004800   KR7004800009

HYOSUNG CORPORATION

(A004800)
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Hyosung : Linde declare vision of "Building a Carbon Neutral Korea with Hydrogen Technology"

06/27/2021 EST

□ Ceremony held at Yongyeon, Ulsan, for the ″Declaration of the Vision of Hydrogen Business and Breaking Ground for Liquid Hydrogen Plant′
Hyosung Heavy Industries Co., the leader in the domestic hydrogen charging system market, and Linde, a global gas and chemical company, held a ceremony for declaring a hydrogen business vision and breaking ground for a liquid hydrogen plant at Hyosung Chemical′s plant in Yongyeon, Ulsan, on June.
The event was attended by Hyosung Chairman Cho Hyun-joon, Linde Korea Chairman Sung Baek-seok, Ulsan Mayor Song Chul-ho, Vice Minister of Trade, Industry and Energy Park Jin-kyu, and Hyosung Vice Chairman Cho Hyun-sang and Lee Sang-woon.
In the ceremony, Hyosung and Linde declared their vision of ″building a carbon neutral Korea with hydrogen application technology.″ Three tasks have been set to attain the vision - expansion of R&D to ensure stability, reliability and economic feasibility of hydrogen production and charging facilities, development of technology to extract blue and green hydrogen that do not emit CO2 and localization of facilities, and establishment of infrastructure for building the base for carbon neutral hydrogen business and development of technology to reduce CO2.
□ Chairman Cho Hyun-joon: "Hydrogen is the base for the energy revolution, and Hyosung will lead the paradigm shift.″
Chairman Cho said, "Hydrogen energy is the base of the energy revolution that will change the future of mankind, and Hyosung will lead the paradigm shift to hydrogen energy by continuing to make investment.″ ″I′m filled with fresh emotions as we open 100-year Hyosung′s new chapter here in Ulsan where the company′s history started," he said.
Sung Baek-seok, chairman of Linde Korea, said, "Hydrogen is a driving force for the transition to a low-carbon economy." "Linde and Hyosung will combine their capabilities and technologies and build the all-important hydrogen infrastructure safely," Sung said.
□ Hyosung Heavy Industries to invest 1 trillion won over the next 5 years
Linde Hydrogen Energy Co., Ltd., a joint production venture of Hyosung and Linde, will build a 13,000-ton liquid hydrogen plant at Hyosung Chemical′s Yongyeon plant. It will begin operation in May 2023.
In addition, Hyosung Heavy Industries will invest 1 trillion won over the next five years to increase its liquid hydrogen production capacity to 39,000 tons.
Hyosung Hydrogen Co., Ltd., the joint venture for sales, will establish liquid hydrogen charging infrastructure in time for the completion of the liquid hydrogen plant. It will start with the construction of the nation′s first liquid hydrogen charging station in Ulsan, and build large liquid hydrogen charging stations in about 30 locations nationwide in line with the government policy to supply large commercial hydrogen vehicles.
□ Development of technology for blue and green hydrogen and CO2 reduction to contribute to dropping domestic carbon emissions by 10 percent
Through technological cooperation with Linde, Hyosung will seek to localize the liquid hydrogen charging technology and facilities based on Linde′s Cryo Pump Technology by 2024.
Hyosung will also make R&D investment to develop technology to extract blue and green hydrogen that do not emit carbon dioxide by 2025, and establish green hydrogen production line using renewable energy such as wind and solar power.
Besides production of green hydrogen, the two companies agreed to develop and demonstrate CO2 reduction technology as they set the goal of contributing to the plan to reduce domestic CO2 emissions by 10 percent by developing various application technologies including the carbon capture and utilization (CCU) technology.
□ Hyosung, Linde, Ulsan sign MOU on construction of large liquid hydrogen charging stations
Hyosung and Linde signed a memorandum of understanding (MOU) with Ulsan City to cooperate in building large commercial liquid hydrogen charging stations.
Hyosung built the nation′s first hydrogen charging station at Hyundai Motor′s Namyang R&D Center in Hwaseong, Gyeonggi Province, in 2008, and it has so far built hydrogen charging system in 18 locations nationwide, including the National Assembly and the Sejong Government Complex.
Hyosung is also stepping up its efforts to vitalize hydrogen mobility economy as seen by the plan of Hyosung Advanced Materials to invest 1 trillion won by 2028 to increase production of carbon fiber, which is used as a key material for fuel tanks in hydrogen cars, to 24,000 tons per year.
Linde, a global leader in hydrogen production, processing, storage and distribution, has the world′s largest liquid hydrogen production capacity and transportation system. It also operates the world′s first high-purity hydrogen underground storage and provides stable supply to customers using pipelines which stretch to 1,000 kilometers. Linde, which is spearheading the transition to clean hydrogen, has set up nearly 200 hydrogen fuel stations and 80 hydrogen electrolysis plants worldwide. It is also providing the latest electrolysis technology through its joint venture ITM Linde Electrolysis GmbH.

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Hyosung Corporation published this content on 27 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 July 2021 09:01:41 UTC.


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Hyun-Joon Cho Chairman & Co-Chief Executive Officer
Gyu-Young Kim Co-President, Co-CEO & Director
Hyun-Sang Cho Co-President & Vice Chairman
Kwang-Oh Kim Vice President & Head-Finance
Sang-Woon Lee COO & Vice Chairman-Executive Board
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