Hyundai Oilbank sets up power production joint venture using hydrogen fuel cells

By Lim Chang-won Posted : May 10, 2021, 16:56 Updated : May 10, 2021, 17:00

[Courtesy of Hyundai Oilbank]

SEOUL -- Hyundai Oilbank agreed to set up a joint venture with a public power company for the production of electricity using hydrogen fuel cells. The deal is part of a broad roadmap unveiled by South Korea's top shipbuilding group to establish a hydrogen value chain by 2030 that combines the infrastructure and technology competitiveness of affiliates to produce and utilize hydrogen on land and sea.

Hyundai Oilbank will supply blue hydrogen for the joint venture. Korea South-East Power, which introduced fuel cell power generation in 2006, will provide know-how in operating power plants. Green hydrogen is produced from water using renewable power while blue hydrogen is derived from natural gas with carbon capture technology.

"Starting with this MOU, the two companies will seek various business cooperation in the renewable energy sector in the future," an unnamed Hyundai Oilbank official said in a statement on May 10.

Hyundai Oilbank will produce blue hydrogen and use it for desulfurization facilities or sell it as fuel for vehicles and power generation. Under a deal on March 3 with Saudi Aramco, the refiner agreed to use Aramco's ammonia as a fuel for liquefied natural gas boilers. Ammonia is seen as a more suitable ship fuel for the post-carbon era due to its stability in supply and relatively easy storage and transportation.
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