According to Korean newspaper Chosun Biz, Macquarie has begun selecting an advisor for the sale, with “multiple potential buyers” already showing interest.
Approtium, formerly known as Deokyang, produces around 100,000 tonnes of hydrogen annually, making it one of South Korea’s largest suppliers to the refining, petrochemicals, and semiconductor industries.
Most of its production comes from unabated methane reforming, supplemented by byproduct hydrogen from petrochemical processes, with plans to expand clean hydrogen production, as well as ammonia imports.
The Ulsan-headquartered firm also operates 60km of hydrogen pipelines, as well as a 250-strong tube trailer fleet.
Macquarie bought Deokyang in 2021 for around $570m before changing its name to Approtium in 2022. Since then, the business’s revenue doubled to KW433.4bn ($310m) at the end of 2024.
Last month, Air Liquide inked a binding agreement to buy South Korean industrial gas firm DIG Airgas from Macquarie’s Asia-Pacific Infrastructure Fund 2 for KW4.6 trillion ($3.3bn).
South Korea is viewed as an early clean hydrogen market, with the Hydrogen Council estimating $6bn of committed investments across Japan and Korea.
While around half of post-final-investment-decision projects are focused on transport and infrastructure, Seoul is also eyeing hydrogen for co-firing in its coal power fleet.
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