Linde and Hyosung Partner to Develop Hydrogen Infrastructure in South Korea
Guildford, UK, February 4, 2021 - Linde (NYSE: LIN; FWB: LIN) announced today that it has partnered with Hyosung Corporation (Hyosung), one of South Korea's largest industrial conglomerates, to build, own and operate extensive new liquid hydrogen infrastructure in South Korea. This robust hydrogen network will support the country's ambitious decarbonization agenda to achieve net zero emissions by 2050.
On behalf of the joint venture, Linde will build and operate Asia's largest liquid hydrogen facility. With a capacity of over 30 tons per day, this facility will process enough hydrogen to fuel 100,000 cars and save up to 130,000 tons of carbon dioxide tailpipe emissions each year. Based in Ulsan, the plants will use Linde's proprietary hydrogen liquefaction technology which is currently used to produce approximately half of the world's liquid hydrogen. The first phase of the project is expected to start operations in 2023.
Under the partnership, Linde will sell and distribute the liquid hydrogen produced at Ulsan to the growing mobility market in South Korea. To enable this, the joint venture will build, own and operate a nationwide network of hydrogen refueling stations.
"Hydrogen has emerged as a key enabler of the global energy transition to meet the decarbonization goals set out in the Paris Agreement," said B.S. Sung, President of Linde Korea. "The South Korean government has set ambitious targets for hydrogen-powered fuel cell vehicles and the widespread, reliable availability of liquid hydrogen will be instrumental to achieving these targets. We are excited to partner with Hyosung to develop the hydrogen supply chain in South Korea."
"Our partnership with Linde is a cornerstone of the development of South Korea's national hydrogen economy and will advance the entire liquid hydrogen value chain across the country, from production and distribution to sales and services," said Cho Hyun-Joon, Chairman of Hyosung Group. "We look forward to working with Linde to further reinforce and strengthen Hyosung as a leader in the global hydrogen energy transition."
Linde is a global leader in the production, processing, storage and distribution of hydrogen. It has the largest liquid hydrogen capacity and distribution system in the world. The company also operates the world's first high-purity hydrogen storage cavern, coupled with an unrivaled pipeline network of approximately 1,000 kilometers to reliably supply its customers. Linde is at the forefront in the transition to clean hydrogen and has installed close to 200 hydrogen fueling stations and 80 hydrogen electrolysis plants worldwide. The company offers the latest electrolysis technology through its joint venture ITM Linde Electrolysis GmbH.
Linde is a leading global industrial gases and engineering company with 2019 sales of $28 billion (€25 billion). We live our mission of making our world more productive every day by providing high-quality solutions, technologies and services which are making our customers more successful and helping to sustain and protect our planet.
The company serves a variety of end markets including chemicals & refining, food & beverage, electronics, healthcare, manufacturing and primary metals. Linde's industrial gases are used in countless applications, from life-saving oxygen for hospitals to high-purity & specialty gases for electronics manufacturing, hydrogen for clean fuels and much more. Linde also delivers state-of-the-art gas processing solutions to support customer expansion, efficiency improvements and emissions reductions.
For more information about the company and its products and services, please visit www.linde.com.