[Asia Economy Reporter Park So-yeon] As Gangwon Province secures technology to extract hydrogen from waste vinyl and plastic and moves toward commercialization, related company Glovon is showing strong performance.
Glovon is trading at 4,140 KRW as of 11:23 AM on the 18th in the KOSDAQ market, up 180 KRW (4.55%) from the previous day.
Gangwon Province recently decided to promote a demonstration project to produce hydrogen by applying plasma to waste synthetic resins such as plastic and waste vinyl, in collaboration with Taebaek City, Gangwon Technopark, and plasma specialist company Green Science.
This is expected to address the surge in disposable plastic waste caused by COVID-19 and simultaneously produce hydrogen, achieving two goals at once.
Earlier this year, Glovon acquired a 51% stake in Green Science, owned by plasma scientist Dr. Lee Bong-joo of Handong University.
Dr. Lee will focus on research and development (R&D), while Glovon will handle capital, sales, and marketing to actively advance the green environmental energy business.
Meanwhile, on the same day, Gangwon Province established and announced the 'Plasma Green Hydrogen Cluster Development Plan.' With the vision of self-sustained growth in abandoned mining areas and Korea’s energy transition, the province aims to lead a resurgence by positioning green hydrogen, an alternative industry to coal, as a future new growth engine.
Gangwon Province plans to invest a total of 272.7 billion KRW (57.7 billion KRW national, 54 billion KRW local, 161 billion KRW private) by 2025 to establish the Plasma Green Hydrogen Cluster in the Taebaek area.
The province expects visible effects on regional economic revitalization, including attracting 30 companies, creating 500 new jobs, and training 1,000 hydrogen sector specialists.
Gangwon Province plans to pursue R&D and technological advancement to produce green hydrogen that emits no carbon dioxide from plastic, coal, wood, and gas (LNG, LPG).
First, a green hydrogen production demonstration center using plastic will be established. With a project budget of 2 billion KRW this year, it aims to complete the nation’s first R&D demonstration for producing eco-friendly hydrogen from plastic within the year. This is expected to significantly contribute to environmental improvements such as plastic reduction and stabilization of hydrogen supply.
Additionally, a coal resource technology development demonstration project will be promoted, developing technology for coal resource utilization using plasma gasification technology with low-grade and stockpile coal as raw materials. Starting this year with a 1 billion KRW investment, the plan is to commercialize coal resource technology within the year and promote energy transition policies from coal to hydrogen.
Furthermore, a plant producing electricity and hydrogen using wood will be established. Logging residues, which are a cause of forest fires, will be utilized to build the nation’s first commercial plant producing electricity and hydrogen simultaneously. Commercial operation is scheduled for March this year.
Green hydrogen will also be produced from LNG and LPG without carbon dioxide emissions. Current hydrogen production inevitably generates carbon dioxide, making it insufficient as an eco-friendly energy source. By using plasma technology and recycling carbon dioxide, green hydrogen that emits no carbon dioxide, an alternative for the Green New Deal, will be commercialized.
Starting next year, Gangwon Province plans to invest 32 billion KRW to establish a cluster including a hydrogen venture center and a shared equipment support center within the Dongjeom Industrial Complex in Taebaek.
By linking the liquefied hydrogen industry regulatory free zone project with the Taebaek cluster project, the province plans to maximize economic synergy effects through commercialization strategies for liquefied hydrogen manufacturing and storage products.
Through customized regional talent development linking educational facilities around abandoned mining areas with new hydrogen technologies, Gangwon plans to train 1,000 hydrogen sector specialists by 2025. To export small- and medium-scale power generation and green hydrogen manufacturing technologies, the Gangwon Energy Promotion Institute will be established to secure global competitiveness in plasma technology.
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