Korea's SK E&S plans $14 bn joint investment in hydrogen biz
Jae-Fu Kim
May 19, 2023 (Gmt+09:00)
SK E&S is building a hydrogen liquefaction plant (Courtesy of SK E&S) South Korea’s SK E&S Co. is poised to spend 18.5 trillion won ($13.9 billion) with partners by 2025 to set up a hydrogen industry value chain covering everything from production to supply as its parent group is seeking future growth from eco-friendly industries.
“Starting with the low-carbon liquefied natural gas business linked to carbon capture, utilization and storage, we plan to maximize synergy by organically connecting the renewable energy, clean hydrogen and energy solution businesses,” said SK E&S CEO Choo Hyeongwook in a forum on Friday.
“We also aim to establish the full-cycle ecosystem for clean hydrogen soon to become the world’s top operator, leading South Korea to become a hydrogen powerhouse.”
The company agreed with major US hydrogen companies such as General Electric Co. and Plug Power Inc. to cooperate in the blue hydrogen business last month when South Korean President Yoon Suk Yeol visited Washington, D.C.
“The cooperation in the full-cycle blue hydrogen business is a great example of the collaboration between South Korea and the US to deal with climate change,” Choo said.
“We aim to bring forward South Korea’s clean hydrogen ecosystem and help the industry make inroads into the Asian hydrogen market by securing core technology through strategic cooperations with companies at home and abroad.”