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English Español South Korea: SK, Lotte, Air Liquide to form JV for hydrogen business

Both Korean conglomerates will manage the new company in conjunction for the production of the alternative fuel and hydrogen-powered transportation.



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SK Gas, Lotte Chemical and Air Liquide Korea, a subsidiary of the Air Liquide Group, have stablished a joint venture to develop the hydrogen business in the country. The Korean firms will jointly manage the new company for power generation with by-product hydrogen and further drive hydrogen-powered transportation.

According to a report by local news media The Korea Times, the announcement comes after the three parts signed a memorandum of understanding last May. The MoU established that SK Gas and Lotte Chemical will both hold a 45% stake in the joint venture respectively while Air Liquide will hold a 10% share. 

"We hope that this joint venture will serve as a stepping-stone for vitalizing the hydrogen economy in Korea and contribute to its transition to a hydrogen economy in the future. SK Gas will also make efforts to contribute to Korea's transition into a hydrogen economy by mobilizing its capabilities related to the hydrogen business that has been prepared so far," said  Yoon Byung-suk, CEO of SK Gas, in the press release cited by the media.

This new joint venture’s first project will be the construction of a hydrogen fuel-cell power plant located in the city of Ulsan and set to generate 500,000 MWh of electricity annually. In addition, new hydrogen fueling stations are set to be established across the nation. 

The start of operations of the joint venture is planned for the third quarter of 2022, after getting approval from the Fair Trade Commission.

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