Matrix Service Company announced that it has signed a memorandum of understanding (“MoU”) with Korea Gas Corporation (“KOGAS”) to support South Korea's development of a hydrogen economy as it transforms itself from a natural gas supplier to a hydrogen platform operator. The signing took place in Seoul with officials from both companies in attendance. The MoU provides the framework for the development of new technology to support onshore large-scale liquid hydrogen storage to support South Korea's plans to achieve carbon neutrality by 2050.

The agreement also supports development of solutions that will allow transportation of greater volumes of hydrogen by transport ship.