[Asia Economy Reporter Minwoo Lee] Esconec's stock price is on the rise. It appears that the company's possession of related technology was highlighted after Prime Minister Chung Sye-kyun announced plans to introduce a system that mandates the purchase of electricity generated from hydrogen fuel cells.
As of 11:06 AM on the 15th, Esconec's stock price recorded 2,050 KRW, up 6.49% from the previous day. Prime Minister Chung's remarks regarding hydrogen power generation seem to have acted as a positive factor. Esconec has secured technology that produces hydrogen and carbon by utilizing solar energy from biomethane generated at food waste, livestock manure, sewage treatment plants, and landfill sites. The company also possesses technology that converts carbon dioxide and methane into hydrogen and carbon monoxide using microwave plasma technology.
Meanwhile, Prime Minister Chung stated at the 2nd Hydrogen Economy Committee held at the Government Seoul Office that "We will introduce a system that mandates the purchase of electricity produced by hydrogen fuel cells in the power market, aiming to achieve 8 gigawatts (GW) of fuel cells by 2040." He added, "Once the system is introduced through the revision of the Hydrogen Act, it will provide stable sales channels for fuel cell power generation operators, activating new investments exceeding 25 trillion KRW over the next 20 years."
He continued, "To secure the economic feasibility of hydrogen for natural gas reforming, we will establish a new natural gas supply system for hydrogen production and reduce raw material costs." He also said, "We will introduce an individual tariff system for natural gas used in hydrogen production and consider exempting import charges for a certain period, aiming to reduce natural gas prices by up to 43% in the future."
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