Hyundai Glovis, GS Energy signs MOU for clean energy business partnership

Hyundai Glovis Co. Ltd. and GS Energy are teaming up to work together in the clean energy business. The two companies signed a memorandum of understanding (MOU), and this was revealed by the Seoul-based logistics company on Monday, March 27.

Through the new partnership, Hyundai Glovis and GS Energy, South Korea’s leading energy solution in advanced technology, are planning to cooperate in green ammonia, hydrogen, and clean energy. The signing ceremony for their cooperation took place at the former’s headquarters in Seoul.

As per The Korea Herald, it was stipulated in the agreement that Hyundai Glovis would be put in charge of maritime transportation for their ammonia and clean hydrogen business. On the other hand, GS Energy will manage the production of the said materials while establishing import channels as well.

Previously, the logistics company invested KRW200 billion or about $153 million for the construction of two massive gas carriers that have the capacity to hold 86,000 square meters per ship. The vessels can deliver liquefied petroleum gas, LPG and ammonia. Hyundai Glovis is now focusing on the transportation of ammonia which is an alternative to liquefied hydrogen.

Hyundai Glovis and GS Energy also have plans to promote joint businesses in the field of used batteries and liquid carbon dioxide. At any rate, an official of Hyundai Glovis said about the partnership, "We will play an important role as a global shipping company in the energy transformation era. We will show global competitiveness in eco-friendly businesses through cooperation with GS Energy."

The Korea Times reported that collaboration between Hyundai Glovis and GS Energy is the latest development in the company’s joint green energy partnerships. In November of last year, they also signed an agreement for carbon capture, utilization and storage (CCUS) business with GS Caltex and Korea East-West Power.