◇ Validation of the possibility of replacing fossil fuels with clean hydrogen and cooperation in commercialization
◇ Samsung C&T will develop the overall business model from the project development for overseas production of clean hydrogen and importation and utilization.
The Trading and Investment Group(“T&I Group”) of Samsung C&T signed a memorandum of understanding (MOU) with Namhae Chemical, Doosan Enerbility and LG Chem on the production and utilization of clean ammonia-based hydrogen.
Managing Director Young-joon Park of Namhae Chemical, Executive Vice President Inwon Park of Doosan Enerbility, Executive Vice President ES Kim of Samsung C&T Trading & Investment Group, and Executive Vice President HUR SUNG WOO of LG Chem (From the left)
The agreement was made with the aim of contributing to the development of hydrogen-driven economy. It calls for cooperation of the four companies to develop the hydrogen industry value chain from overseas production to importation and utilization of clean hydrogen. The process includes transporting clean hydrogen produced overseas into Korea in the form of ammonia; converting it back to clean hydrogen; and verifying the possibility of using it as a fuel replacing fossil fuels.
Under the agreement, The Trading and Investment Group(“T&I Group”) of Samsung C&T, as a general trading company which has global networks and overseas business capabilities, will develop the overall business model from the project development for overseas production of clean hydrogen and importation and utilization. The company plans to develop projects that come in line with the transformation into hydrogen economy on the basis of experiences and know-how it obtained from the energy resources trading business and renewable energy operation business.
Namhae Chemical will be responsible for building an optimal clean ammonia supply chain , Doosan Enerbility will be tasked to secure technology to produce clean hydrogen by decomposing clean ammonia and improve efficiency of plant producing clean hydrogen. LG Chem will be responsible for commercialization of clean hydrogen, including utilization of clean hydrogen as fuel and development of catalysts.
Samsung C&T has been striving to develop promising new growth engines by reinforcing eco-friendly business portfolios such as hydrogen, solar power, and secondary cell materials supply. The company will make further efforts to make social contributions and lay the foundation for growth by expanding cooperation with competent partners and developing new businesses.