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HHI Group to Complete "Onshore and Offshore Hydrogen Value Chain" by 2030
Hyundai Heavy Industries (HHI) Group disclosed its blueprint for the hydrogen business, declaring the Group's transition to a pathway that will position the Group as the global leader of green technologies for a sustainable future in the areas of shipbuilding, offshore engineering and energy.
At a virtual investor conference held on March 25, HHI Group unveiled its "Hydrogen Dream Roadmap 2030," one of its new growth engines.
At the core of the roadmap is establishing a "hydrogen value chain" from onshore and offshore production to transport, storage and use of hydrogen, leveraging the infrastructure and technological competitiveness of each affiliate of the Group.
To this end, Korea Shipbuilding & Offshore Engineering (KSOE), the intermediate holding company for HHI Group's shipbuilding operations, will play a leading role in transport, the most critical component of the value chain, as well as production and supply of hydrogen.
Based on its world-class shipbuilding and offshore plant technologies, KSOE will push forward with its ambition for green hydrogen development using power generated from offshore plants and water electrolysis technology.
KSOE also plans to speed up the development of hydrogen tankers for a stable supply of hydrogen, while also working on hydrogen fuel cells and vessels using the fuel cell technology.
Vessels powered by hydrogen fuel cells, one of the cleanest fuels, can increase energy efficiency by 40% or more compared to internal combustion engines while emitting no air pollutants such as Sulphur oxides (SOx) and Nitrogen oxides (NOx), emerging as a front-runner in the green shipping technology.
Hyundai Oilbank, for its part, is set to commence on the blue hydrogen production project.
It plans to use the blue hydrogen produced at desulfurization facilities or sell it for fuel cell electric vehicles or fuel cell power plants. To this end, the refiner plans to set up 180 hydrogen charging stations by 2030 across South Korea.
Hyundai Electric and Hyundai Construction Equipment (HCE) will also work on power generation and construction equipment projects using hydrogen fuel cells.
Hyundai Electric is to establish eco-friendly, quiet hydrogen fuel cell power plants while HCE aims to develop medium and large hydrogen-powered construction machinery for the first time in the industry.
"Focusing on green ships and green energy as the two pillars of growth, HHI Group will kick-start new businesses to drive future growth," said an official of the Group. "The Group's cutting-edge technologies and infrastructure will be fully utilized for establishing the hydrogen value chain to secure our future growth engines."