A hydrogen supply center to be run by Hynet, a special purpose company in charge of hydrogen infrastructure, would be built on Hyundai Steel's complex in Dangjin, about 70 kilometers (43 miles) southwest of Seoul, to supply up to 2,000 tons of hydrogen annually when completed early next year. Hyundai Steel aims to expand the annual production capacity of hydrogen to more than 37,200 tons to provide hydrogen at reasonable wholesale prices.
Separately, Hyundai Steel signed an agreement with Hyundai Glovis, Hyundai Motor, SPG, Hynet and KOGAS, a state gas company to develop a hydrogen distribution industry. Hyundai Steel will use hydrogen fuel cells for heavy equipment, trucks and cars in Dangjin.
Hyundai Glovis, a logistics unit of the auto group, will ship hydrogen produced in Dangjin to charging stations in the Seoul metropolitan area and Chungcheong Province, provide an optimized platform for supply chain management to help create a hydrogen ecosystem, and bring in liquefied hydrogen from overseas markets such as Australia through investment in the construction and acquisition of special ships.
Because of its eco-friendly characteristics, fuel cells are considered the next-generation renewable power source. The Hyundai auto group is pushing for a hydrogen business value chain to popularize fuel cell cars, heavy-duty trucks, construction equipment, trains, ships and generators. The Seoul government has adopted hydrogen fuel cells and electric batteries as a mainstream fuel in the future with a roadmap to produce 6.2 million fuel cell vehicles for domestic consumption and exports by 2040.
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