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Korea Electric Power Corp. (KEPCO) has signed a memorandum of understanding with Lotte Chemical Corp. and POSCO Holdings Inc. to expand cooperation in the hydrogen sector as part of its initiative to create a hydrogen ecosystem.
South Korea’s state utility is aiming to commercialize hydrogen and ammonia power generation, through a collaboration with private companies.
The three companies will work together to achieve economies of scale by collaborating on hydrogen and ammonia projects that they have undertaken separately in and outside of South Korea, while also improving project competitiveness through the development of hydrogen production infrastructure and joint investment.
They will try to reduce risk from external causes and establish a foundation to supplement each other by utilizing hydrogen and ammonia exchanges, allowing them to respond more proactively to changes in the business environment.
They will also conduct joint studies on carbon dioxide capture, utilization, and storage (CCUS) technologies, as well as develop mixed combustion power generation technology that uses hydrogen and ammonia mixed fuel for existing coal and liquefied natural gas (LNG) power generation to reduce carbon emissions.
