▶ HD Hyundai signs Joint Development Agreement on LH2 Carrier Design Development with Global Energy Company, Shell
▶ HD Hyundai to lead the design of LH2 Carrier and develop large LH2 tanks, hydrogen propulsion system, and other key technologies
▶ “Hope to lead the future green energy market through this partnership”

(SEOUL, SOUTH KOREA – May 24, 2024) HD Hyundai will be working with Shell to accelerate the development of liquefied hydrogen (LH2) transportation technologies.

HD Korea Shipbuilding & Offshore Engineering and HD Hyundai Heavy Industries, holding company and affiliate of HD Hyundai’s shipbuilding business respectively, today announced a Joint Development Agreement (JDA) with Shell International Trading and Shipping Company Ltd. (Shell) at the HD Hyundai Global R&D Center (GRC) located in Gyeonggi Province, Korea.

Sungjoon Kim, Chief Executive Officer of HD Korea Shipbuilding & Offshore Engineering, Seungho Jeon, Chief Technical Officer of HD Hyundai Heavy Industries, Karrie Trauth, Senior Vice President of Shell Shipping & Maritime, along with other executive members attended the event.

Under this agreement, HD Hyundai and Shell will jointly develop a design for an operable large LH2 carrier from 2030s onwards that can help transport hydrogen intercontinentally. According to Statista, the hydrogen transportation market, which includes carriers and pipelines, is expected to grow to US $566 billion in value in 2050.

HD Korea Shipbuilding & Offshore Engineering will be using its own technologies to focus on research and development of key technologies such as large LH2 tanks and hydrogen cargo operation system. HD Hyundai Heavy Industries will be in charge of developing a hydrogen engine and designing an LH2 carrier. Shell will be sharing experience from its in-house technology developments and ship operations as well as reviewing the operational feasibility of the carrier design.

HD Korea Shipbuilding & Offshore Engineering has been awarded Approval in Principle (AIP) by DNV in 2023 for developing a proprietary hydrogen system for large LH2 carriers.

This cooperation will provide meaningful and exciting opportunities to HD Hyundai to leverage Shell’s innovation capabilities in areas where it can have the greatest impact. With significant uncertainty around the shape of the future energy system, Shell is developing a multi-energy portfolio that has the flexibility to respond to uncertainty, and can help remain a successful business in achieving net-zero emissions.

“HD Korea Shipbuilding & Offshore Engineering is global no.1 in shipbuilding technologies, and has been developing its own technologies on green energy related ships such as methanol, ammonia, CO2, and hydrogen. With this partnership with Shell, I am confident that we will be able to lead the next generation green energy market.” said Sungjoon Kim, Chief Executive Officer of HD Korea Shipbuilding & Offshore Engineering.

“We have a long and successful history of working together in cooperation with HD Hyundai in the design and construction of ships that lead the market in innovation and energy efficiency. This project is a great opportunity to build on this history of cooperation, working with HD Hyundai to design the future of shipping providing more and cleaner energy solutions.” said Karrie Trauth, Senior Vice President of Shell Shipping & Maritime.

Meanwhile, HD Hyundai has been actively cooperating with various global companies to develop technologies related to marine hydrogen transportation such as the MOU signing last February with Woodside Energy, Hyundai Glovis, and MOL on the development of an LH2 marine transportation value chain.