Korea Gas Corp. CEO Chae Hee-bong (first row, third from left) shakes hands with Hyundai Motor Group President and head of the strategy and technology division Chi Young-cho (first row, fourth from left), Tuesday. (Kogas)
Korea Gas Corp. said Sunday it would set up a joint venture with Hyundai Motor Group to build and run integrated hydrogen charging stations after signing a memorandum to expand sustainable hydrogen infrastructure and boost competitiveness in the hydrogen business.
According to the state-run natural gas company, the integrated hydrogen charging stations can accommodate eco-friendly vehicles that run on hydrogen, liquefied natural gas and electricity. Also, they can produce, charge and sell hydrogen and generate electricity with hydrogen fuel cells.
The stations will extract hydrogen directly from the natural gas supplied by Kogas for price competitiveness and sell leftover hydrogen or use it for generating electricity.
“Kogas will continue to cooperate with the private sector and play a leading role in establishing a hydrogen ecosystem,” a company official said.
Kogas controls a vast network of gas pipelines as long as 4,908 kilometers nationwide and operates 411 supply management centers. It will invest 4.7 trillion won ($3.9 billion) by 2030 for hydrogen production, supply and retail chain and technology development.
By Kim Byung-wook (firstname.lastname@example.org)