Jeollanamdo Governor signs contract with Linde and Hanyang

The Governor of Jeollanamdo, Kim Young-rok, visited Europe at the beginning of May. During his visit, he also came to Frankfurt to sign an investment agreement with Linde and Hanyang on May 3rd to build a blue hydrogen production cluster which is worth 800 million USD.

Linde is the world’s largest industrial gas and engineering company that makes active investments around the world. This includes green energy production, processes, and use, in each field of the hydrogen value chain. Hanyang is expanding its scope beyond the construction and plant business to LNG terminal business, renewable to geological production, and clean hydrogen power generation.

The signing ceremony was attended by Jeollanamdo Governor Kim Young-rok, Sean Durbin, the general Linde representative of Europe, the Middle East, and Africa (EMEA), Hanyang CEO Kim Hyung-il, Linde Korea CEO Sung Baek-seok and LNG Hub Terminal CEO Moon Byung-chul.

Hanyang is currently constructing an LNG terminal on Myodo Island and is promoting the construction of a cogeneration plant. Linde and Hanyang plan to produce blue hydrogen on that island and also aim to enter the clean hydrogen power generation business. The plan is to invest a total of $800 million from 2024 to 2030, to produce 80,000 tons of blue hydrogen per year, collect 430,000 tons of carbon dioxide per year, and bury 13 million tons of carbon dioxide in overseas storage for 30 years.

Hydrogen energy is used in industries such as power generation (fuel cells) and energy storage as a transition factor to a decarbon economy. It is expected to contribute to the stabilization of the power system by reducing the volatility of renewable energy through energy storage and power generation using hydrogen.

Prior to the investment agreement that was signed in Frankfurt, Governor Kim Young-rok visited the Basf headquarters in Ludwigshafen, Germany, Basf is the largest chemical producer in the world. The Governor thanked Jeollanamdo for its win-win efforts. He furthermore proposed continuous investment in future growth industries such as precision chemistry, semiconductor and battery materials, and renewable energy.

Picture and information taken from dailyimpact.