Hyosung Group Chairman Cho Hyun-joon (right) and Kim Yung-rok, South Jeolla Governor, pose at the provincial government office on Monday after signing a memorandum of understanding to collaborate on the green hydrogen business. (Hyosung)
Hyosung said Wednesday it will invest 1 trillion won ($834.5 million) to invest in green hydrogen in South Jeolla Province.
According to the South Korean conglomerate, the investments will produce 200,000 metric tons of green hydrogen per year in the region, which will create 300,000 jobs.
To accomplish the goal, Hyosung will this year break ground on a 10-megawatt facility that splits water into oxygen and hydrogen. Once completed, it will be the biggest one in Korea, according to the company.
To store and utilize green hydrogen, Hyosung will also establish two liquid hydrogen plants with an annual production capacity of 10,000 tons and build nine liquid hydrogen charging stations in South Jeolla Province.
Hyosung aims to supply the green hydrogen where industrial complexes are located. It is considering even exporting it to Japan. The conglomerate will also pursue projects to capture, utilize and store carbon emitted from industrial complexes in South Jeolla Province.
To produce clean electricity required to break down water into oxygen and hydrogen, Hyosung will build the world’s biggest 8.2-gigawatt offshore wind farm in Shinan County. Also, another one worth 5GW will be established on the east side of Yeosu. Rolling out infrastructure for the two wind farms would create 200,000 jobs by 2030, Hyosung forecasts.
By Kim Byung-wook (firstname.lastname@example.org