Build a hydrogen production-distribution-consumption ecosystem by ’25
Completion of the world’s largest liquid hydrogen plant
All-round cooperation with Hyundai Motor Company, including the establishment of the’Hydrogen Committee’
SK Group will invest about 18 trillion won over the next five years to create a domestic hydrogen ecosystem in earnest.
On the 2nd, at the 3rd Hydrogen Economy Committee hosted by the Prime Minister held at SK Incheon Petrochemical on the 2nd, SK announced plans to build a domestic hydrogen ecosystem with the above contents, and started the business in earnest. The goal is to leap to the world’s No. 1 hydrogen company in the value chain of hydrogen production, distribution, and consumption through investment in domestic hydrogen business infrastructure and partnerships with global companies.
The event was attended by government and local government officials, including Prime Minister Jeong Sye-gyun, chairman of the Hydrogen Economy Committee, Minister of Trade, Industry and Energy Sung Yun-mo, Environment Minister Han Han-ae, Incheon Mayor Park Nam-chun, and Seo-gu Officer Lee Jae-hyun.
From the side of SK Group, Tae-won Choi, Chairman of SK Group, Dong-Hyun Jang, President of SK Co., Ltd., Hyung-wook Choo, President of SK E&S and Head of SK Hydrogen Business Promotion Manager, Yoon-seok Choi, President of SK Incheon Petrochemical, etc. attended. The president, Cho Seong-hwan, president of Hyundai Mobis, and Kim Se-hoon, vice president of Hyundai Motors, attended.
Participants listened to SK’s strategy to build a hydrogen ecosystem and toured the site in SK Incheon Petrochemical, where the liquefied hydrogen production base was built.
SK’s strategy to create a domestic hydrogen ecosystem is largely carried out in two stages. The first phase is to supply 30,000 tons of liquefied hydrogen, the world’s largest scale, based on by-product hydrogen in connection with Incheon City’s’bio-by-product hydrogen production cluster construction project’ by 2023.
The second phase is planning to become the world’s No. 1 eco-friendly hydrogen company by additionally producing 250,000 tons of clean hydrogen (carbon free) in the vicinity of the Boryeong LNG terminal by 2025.
The 30,000 tons of liquefied hydrogen produced in the first stage is the amount needed for 75,000 hydrogen cars, Nexo, to travel around the earth at the same time (about 46520km). The same carbon reduction effect as planting 12 million trees is expected to greatly contribute to environmental aspects such as air quality improvement in the metropolitan area.
When 250,000 tons are additionally produced in the second stage, SK will produce and supply a total of 280,000 tons of eco-friendly hydrogen per year in Korea. It is planning to pursue hydrogen projects in Asia, including China and Vietnam, using these business experiences and capabilities.
In the process of establishing a domestic hydrogen ecosystem, SK created jobs in the fields of construction, shipbuilding, and automobile manufacturing, as well as fuel cells and hydrogen production, resulting in a total of 20.9 million employment inducement effects and social/economic benefits of KRW 34.1 trillion, including Incheon. It is expected to be created.
Large-scale investments such as hydrogen charging stations and fuel cell power plants
In addition to supplying liquefied hydrogen, active investments will be made in establishing a distribution system for eco-friendly hydrogen.
SK plans to supply 80,000 tons of liquefied hydrogen per year by operating 100 hydrogen charging stations nationwide by 2025. To this end, a fuel cell power plant of about 400 megawatts (MW) is built and 200,000 tons of hydrogen per year are supplied through a dedicated pipeline.
As part of this, SK is also discussing cooperation measures in various fields to revitalize the hydrogen economy, such as building a liquefied hydrogen charging station, expanding the introduction of hydrogen vehicles, and building a hydrogen experience center.
Chairman Tae-won Choi, who attended the Hydrogen Economic Committee on this day, said, “Hydrogen is an eco-friendly energy suitable for the domestic environment because it is not affected by the climate and the land area required for production is small. We will fulfill our corporate responsibility for this.”
Meanwhile, as SK and Hyundai Motor Group’s major executives, which are reinforcing cooperation in the electric vehicle battery business, meet in one place, expectations for the hydrogen business partnership that these two groups are spurring as future growth engine businesses are also increasing.
The management of the two groups held a meeting in advance of the Hydrogen Economic Committee on this day to discuss concrete cooperation measures, such as promoting the establishment of the’K-Hydrogen Council’, which is a CEO consultation for hydrogen charging infrastructure construction and cooperation between domestic companies and hydrogen business cooperation, in the first half of the year. Discussed.
After the meeting, the two companies signed a business agreement with Incheon Metropolitan City and Incheon Seo-gu Office to establish the foundation for Incheon Metropolitan City’s hydrogen business. The parties to the agreement, including SK, will actively cooperate to expand the hydrogen economy by discovering and supporting various business models related to hydrogen in the Incheon area.
Copyright owner © Market economy Unauthorized reproduction and redistribution prohibited