On October 12, Hyundai Steel signed an MOU for the “Development of the Hydrogen Distribution Industry for Hydrogen Vehicles” with Hyundai Motor Group, Korea Gas Corporation, Hydrogen Energy Network (HyNet), Hyundai Glovis and SPG, and announced a business plan to expand its high-purity hydrogen supply and infrastructure at the site of HyNet’s shipping center near Dangjin Integrated Steelworks.
To develop its hydrogen business as a new growth engine industry, the company is planning to establish and expand hydrogen production and distribution facilities; introduce fuel cell electric vehicles (FCEVs) at major business sites and increase the application of fuel cells to transport vehicles; and establish an eco-friendly fuel cell power generation system that uses hydrogen.
First, to establish hydrogen production and distribution facilities, Hyundai Steel will develop an eco-friendly hydrogen production capability, which would be differentiated from existing hydrogen production methods, by using waste heat and by-product gas. To this end, the company will prepare a business model for co-prosperity based on cooperation with businesses in each part of the supply chain, such as production, transport and sales.
Hyundai Steel will also actively introduce FCEVs at its major plants in order to expand the distribution of FCEVs. To form the demand basis for FCEVs, which would constitute an axis of the hydrogen ecosystem, the company will promote the transition to FCEVs for equipment vehicles, transport trucks and business vehicles, including steelworks, as well as for the transport vehicles used in transactions with business partners.
In addition, through its competitiveness in terms of its hydrogen production capacity, the company will play a role in establishing a new renewable power generation system at Hyundai Motor Group.
“Hyundai Steel is actively pushing ahead with resource circulation and recycling, with the goal of building eco-friendly steelworks,” said President & CEO Ahn Tong-il. “Hyundai Steel is seeking to become the world’s best eco-friendly steel company by actively participating in the areas of hydrogen production and eco-friendly energy.”