South Korea-based Hyosung has partnered with Linde, a provider of industrial gases, to jointly build and operate 300 billion won ($246m) liquid hydrogen production, transport and recharging facilities.

The two companies have signed an MOU to establish a joint venture in 2020, break ground in the first quarter of 2021and complete the liquid hydrogen plant in 2022.

The proposed liquid hydrogen facility will be constructed in an area spanning approximately 30,000m2, within the site of Hyosung Yongyeon plant in Ulsan.

Hyosung chairman Cho Hyun-joon said “Hydrogen is an eco-friendly energy source that can change existing carbon-centered economic structure. Its possibilities are endless.

“The point of 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 domestic hydrogen industry.”

The plant will feature Linde’s advanced hydrogen liquefaction technology

The new liquid hydrogen facility has been designed to produce an annual capacity of 13,000 tons of liquid hydrogen, which is adequate to fuel 100,000 sedans.

In addition, the new plant would produce liquid hydrogen by leveraging Linde’s hydrogen liquefaction technology and system to byproduct hydrogen produced by Hyosung Chemical Yongyeon Plant.

Liquid hydrogen is capable of shrinking to 1/800 of its original volume in a gaseous state, and is easier to store and transport. It can be used in diverse mobility segments, including drones, vessels and forklifts, along with cars.

Hyosung and Linde will invest in the development of a liquid-hydrogen recharging infrastructure in time for the completion of the plant.

Through the partnership on liquid hydrogen supply, the companies are expected to build around 120 hydrogen recharging stations, of which 50 will be new and 70 as enlarged stations to fuel liquid hydrogen.