Hyundai Glovis, the logistics arm of Hyundai Group, said Monday it will launch “Ecoh,” a new environmentally friendly business brand which will focus on hydrogen distribution and recycling of electric vehicle batteries.
The company also said it would expand its hydrogen distribution and infrastructure operations to nine hydrogen shipping centers by 2030 and supply hydrogen to a total of more than 360 charging stations nationwide.
The move comes as part of its plan to expand its eco-friendly business portfolio and build a “strong brand identity” based on logistics and energy solutions.
In May, the company began supplying hydrogen to high net charging stations nationwide. It also supplies hydrogen to hydrogen distribution centers and hydrogen charging stations under the Korea Gas Technology Corp.
“We are preemptively fostering domestic hydrogen logistics and global hydrogen marine transportation business in view of the growth potential of the hydrogen economy,” one official of Hyundai Glovis said.
Amid growing demand for electric vehicles, Hyundai Glovis said it is preparing for battery reverse logistics and recycling projects as a large number of waste batteries are expected to pour out after 2028 onward. The usual use cycle of electric vehicle batteries is seven to 10 years.
It also plans to establish a future strategy based on two-way charging technology that utilizes idle power by connecting electric vehicles to the power grid in the future, also known as V2G, following the progress of the current electric vehicle battery lease demonstration project.
The name “Ecoh” is a combination of the words “eco” and “human,” according to the supply chain management company, and two sub brands of “Ecoh Logistics” or “Ecoh Station” and “Ecoh Storage” are currently under review for its hydrogen business and EV battery business, respectively.
Projects such as distribution of green hydrogen overseas and infrastructure operations within Oceania and the Middle East and as well as discovering domestic green hydrogen consumers are set to be carried out.
Ammonia, which consists of nitrogen and hydrogen, is also high on the agenda as green hydrogen can be extracted at the site of use.
The company said it has formed consortia with “leading domestic companies” and formed strategic alliances with “global ammonia production companies” to promote efficient projects.
Transporting green hydrogen to the point of use will be done through two large gas carriers expected to be built in 2024 with plans to consider additional ships for future expansion.
By Yim Hyun-su (firstname.lastname@example.org