Norwegian firm Nel ASA has entered the Korean hydrogen (H2) market through a new joint venture with Deokyang Co., Ltd, the country’s largest domestic supplier.
The alliance, called Nel-Deokyang Ltd., will exclusively sell and market Nel’s H2Station® H2 refuelling units throughout Korea as the North Pacific rim country accelerates its H2 economy.
The Korean government has committed to building a national H2 infrastructure, pledging to have 100 fuelling stations in operation by 2020 and 230 stations by 2025.
Nel’s H2 solutions cover the entire value chain from production technologies to fuelling stations, whilst Deokyang is Korea’s largest H2 supplier, producing approximately 190,000m3 per hour of H2 through its plants in Ulsan, Seosan and Kunsan.
The equally owned joint venture plans to combine and leverage the strengths of both parties to capitalise on “one of the world’s most exciting H2 markets,” according to Nel CEO Jon André Løkke.
Løkke reinforced, “The combination of Deokyang’s H2 competence and Nel’s unrivalled technology will create a strong offering for the upcoming roll-out of the H2 networks.”
Deokyang’s CEO Chi-yoon Lee echoed, “The joint company will leverage on Nel’s leading technology, which is very well suited for this fast-growing market, and Deokyang’s competence within H2, certification and high-pressure installations.”
Deokyang was originally formed in 1964 as Ulsan Oxygen. The company now operates four H2 plants and two liquid carbon dioxide (CO2) plants. It also supplies the merchant market with air gases through two cylinder filling plants and a number of H2 tube trailer filling sites.