[월간수소경제 성재경 기자] S-OIL announced on the 7th that it has signed an investment contract with FCI (Fuel Cell Innovations), a next-generation fuel cell company.
S-OIL became the largest shareholder in Korea by securing a 20% stake in FCI with an initial investment of 8.2 billion won. S-OIL plans to establish a strategic partnership with FCI and promote the hydrogen business to enter the hydrogen industry.
FCI, a joint venture between Korea and Saudi Arabia, is a fuel cell company that holds 40 solid oxide fuel cell (SOFC) patents.
Together with S-OIL, FCI is promoting not only domestic but also overseas fuel cell markets including the Middle East market. In particular, it plans to supply products to Saudi power companies and telecommunications companies through cooperation with Saudi partners.
Currently, FCI is developing products for power generation and buildings that meet the climate conditions and legal regulations of the Middle East market based on the first 150MW fuel cell supply contract from a Saudi partner. It is developing jointly with major organizations on fusion products and marine fuel cells to be applied to ships.
Itaewon, CEO of FCI, said, “The Middle East market is highly competitive in gas prices, so fuel cell power generation can reach grid parity without government subsidies.” I will promote it. Business synergy with S-OIL is expected.”
Meanwhile, FCI signed a memorandum of understanding for a joint venture with Solidpower, an Italian SOFC fuel cell company, in November 2018.
Solid Power is actively developing SOFC business all over Europe based on 1.5kW BlueGEN and 2.5kW EnGEN-2500 products.