Jeollanam-do and Yeosu Myodo sign investment MOU to build hydrogen industry full-cycle infrastructure and designate an “Opportunity Development Zone”
- Signed an agreement to create a cluster from hydrogen production to storage, transport and utilisation
- Signed an investment agreement worth 3.92 trillion won with ECOLOG and five other companies...
Jeollanam-do announced that it has signed an investment MOU worth KRW 3.92 trillion with five companies to create a hydrogen industry cluster in Myodo, Yeosu. The signing ceremony, held at the provincial government office, was attended by Governor Kim Young Rok, ECOLOG CCO Jasper Heikens and other representatives of the five companies, and Yeosu Mayor Jung Gi Myung.
With this agreement, a clean hydrogen cluster will be established in Myodo, Yeosu, which 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, 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.
This will 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, and will also give each company a competitive edge as industries concentrate in the front and back.
Among the companies planning to invest, Linde Korea is a global industrial gas manufacturing company and ECOLOG is a Greek-based company specialising in the aggregation and transportation of carbon dioxide, and the success in attracting these companies is expected to be very helpful for successful operations after the cluster is established.
Jeonnam-do is expected to take a step ahead in the field of green hydrogen production by utilising the abundant renewable energy resources in the province, as the agreement will establish a full-cycle infrastructure for the hydrogen industry, and will also give momentum to the construction of a hydrogen pipeline network in Yeosu and Gwangyang and the creation of a hydrogen city in Gwangyang.
In addition, Myodo, where the cluster will be built, has an industrial area with excellent infrastructure, so it is expected to attract investment from high-tech and new growth-related companies.
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, and establish a joint cooperation system with universities, companies, and research institutes in the province to support technology development and foster research and technical manpower.
In addition, the government plans to designate Myodo as an “Opportunity Development Zone” to provide bold tax support and regulatory special measures.
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.
In this regard, Linde Korea, which signed the agreement in May last year, and Northeast Asia L&G Hub Terminal, which recently signed an agreement on the Regional Investment Promotion Fund, will sign the agreement again in the name of the current company in order to be designated as an Opportunity Development Zone.
source: ECOLOG (Linkedin)
