Hyundai Heavy Industries inks deal with 9 groups for East Sea green hydrogen project
Hyundai Heavy Industries (HHI) signed a deal with nine entities to build a 100-megawatt plant to produce hydrogen from seawater using electric power generated in a floating offshore wind farm in the East Sea by 2025 and operate a 1.2-gigawatt green hydrogen plant.
Among the nine entities that signed the deal with HHI, the world's No.1 shipbuilder, was the state-run Korea National Oil Corp.
The Hyundai Heavy Industries Group vowed to nurture hydrogen-related business as its new growth engine amid tightened environmental regulations and rising demand for eco-friendly fuels.
Under the plan, HHI will establish a new unit that handles the production of hydrogen and its uses on land and sea by 2030.
Meanwhile, Korea Shipbuilding & Offshore Engineering Co. (KSOE), the group's sub-holding company, will seek offshore projects to produce and transport hydrogen.
HHI is among the three shipbuilders under KSOE, which also includes Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co.