Alternative fuels production could be about to open up in South Korea with news of an investment in a new hydrogen cluster and carbon capture facility in Myodo, Yeosu.
Jeollanam-do announced it has signed an investment MOU worth KRW 3.92 trillion with five companies in a consortium led by Greek carbon transporter ECOLOG.
Governor Kim Young-rok said: “We have high expectations for this investment agreement, which will create a full-cycle ecosystem for the hydrogen industry in Jeollanam-do and provide an opportunity to leap forward as an industrial centre.”
“We will do our best to support the Gwangyang Bay area by building infrastructure so that it can become a hydrogen industry hub,” he said.
Hydrogen ecosystem
The hydrogen cluster will consist of hydrogen production and storage, transportation, carbon dioxide capture and disposal and heat and electricity production using clean hydrogen to create a full-cycle hydrogen ecosystem in the province.
Northeast Asia LNG Hub Terminal, which will invest in the cluster, will build a new LNG import terminal and supply facility to regasify the LNG and provide it to demanding companies.
In addition, the global industrial gas manufacturing company Linde Korea will build a plant to produce blue hydrogen using LNG and ECOLOG will liquify carbon dioxide captured in the process and store in overseas depleted oil and gas fields using CO2 vessels.
The clean hydrogen produced will be used in the Myodo CHP and CCGT for LNG/hydrogen blended power generation and also used in Myodo fuel cell plant for hydrogen fuel cell power generation to generate heat and electricity.
The aim is to create a core ecosystem for hydrogen production, storage, transportation and utilisation in Myodo, which will have a positive effect on the decarbonisation of Yeosu and Gwangyang National Industrial Complexes, plus give each company a competitive edge.
To ensure the success of the Myodo Clean Hydrogen Cluster, the province plans to create an opportunity to leapfrog into an industrial centre by building a hydrogen convergence platform in the Gwangyang Bay area.
In addition, the government plans to designate Myodo as an “Opportunity Development Zone” to provide bold tax support and regulatory special measures.
