SK E&S and SK Plug Hyverse revealed the firms will work with Korea Southeast Power Generation (KOEN) to establish green hydrogen and ammonia production technologies to see the clean fuels used as feedstocks for fossil fuel power plants.
Under the Memorandum of Understanding (MoU), SK Plug Hyverse plan to supply PEM electrolysers to help KOEN meet is goals of reducing its greenhouse gas (GHG) emissions by 48% by 2034. As a public power company, KOEN’s operations account for approximately 10% of South Korea’s electricity supply.
SK Plug Hyverse is a joint venture formed in January 2021 by SK E&S and Plug Power.
Read more: Plug Power and SK Group form joint venture to support the growing hydrogen economy in Asia
The agreement comes in line with the South Korean Government’s hydrogen economy implementation plan, released in 2021, that anticipates the supply of hydrogen will increase from 220,000 tonnes to 3.9 million tonnes by 2030, and 27.9 million tonnes by 2050, with a increasing demand for hydrogen cars and fuel cells.
Ji Young Lee, CEO of SK Plug Hyverse and Head of Global Hydrogen Business at SK E&S, said, “We are thrilled to join forces with KOEN for endeavours to lead the transition of Korea into a carbon-neutral era. We are proactively developing opportunities throughout the clean hydrogen value chain to help building a competitive hydrogen portfolio for Korea and establishing a world leading clean hydrogen ecosystem in the country”
Sang-pyo Eun, Vice-President and Head of New Business Division at KOEN, added, “Utilisation of hydrogen and ammonia is crucial for achieving national carbon neutrality and delaying the stranded capitalisation of thermal power producing facilities.
“Given the local production capability of hydrogen and ammonia, it is vital to establish a hydrogen and ammonia supply chain from abroad.
“Using this MOU as an opportunity, we will reliably generate hydrogen and ammonia overseas with SK E&S, a leading firm in the hydrogen economy, and introduce it into Korea to become an energy company leading the national carbon neutrality and the hydrogen economy.”
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