The companies will invest 300 billion won ($245 million) in the facility, which will go on stream in 2022 and have a capacity of 13,000 t/y, enough to fuel 100,000 cars. Linde and Hyosung will form a joint venture this year and break ground on the project in the first quarter of 2021.

Linde will apply its liquefaction technology and system to the hydrogen byproduct from the existing Hyosung Chemical Yongeon plant.

Both firms will also invest in developing liquid hydrogen recharging infrastructure in time for the plant’s completion. Under the terms of the partnership, they will set up about 120 hydrogen recharging stations, both 50 new facilities and 70 enlarged stations, at key points across the country.

Describing hydrogen as an “eco-friendly energy source with endless possibilities,” Hyosung chairman Cho Yuun-joon said: “The point of the liquid hydrogen business sought by Hyosung is to store and transport hydrogen efficiently and safely. Investment this time will play a big role in invigorating the ecology of the domestic hydrogen industry.”

Linde completes asset sales

In separate news, Linde has completed the sale of its LNG and biogas business in Sweden and Norway plus its Nauticor marine bunkering business in Germany to Finnish state-owned gas group Gasum.

The businesses have annual revenues of about €100 million and employ 35 people, all of whom transferred to Gasum on May 1.

”We are very pleased about this transaction which is an important step for Gasum when building the Nordic gas ecosystem and responding to increasing customer demand for low-emission energy solutions,” said Gasum CEO Johanna Lamminen. “The acquisition is part of our strategy execution and further strengthens the company’s capacity to offer gas solutions for various customer segments in multiple locations.”

The Espoo-based company agreed last November to acquire the assets, which comprise two LNG terminals, 48 gas filling stations and the bunkering vessels Seagas and Kairos.