The Nation's First Demonstration Liquid Hydrogen Plant... Showcasing the Technology of SMEs

KIST Startup Venture Hilium Industry Enables Large-Scale Production and Storage of Liquefied Hydrogen
Jungjinkong Startup Foundation Support Fund and Combined Investment-Financing Serve as Catalyst

CEO Kim Seoyoung

In the first half of 2022, South Korea's first demonstration liquefied hydrogen plant will be established in Samcheok-si, Gangwon-do. This liquefied hydrogen plant can liquefy 100 kg of hydrogen per day at an ultra-low temperature of -253℃, making it the largest liquefied hydrogen plant facility currently installed in the country. The company that won the contract for this project last month is Hylium Industries. Founded in 2014 as a startup venture from the Korea Institute of Science and Technology (KIST), this company’s independently developed cryogenic liquefied hydrogen technology has now come to fruition. It has become possible for our small and medium-sized enterprises to produce and store liquefied hydrogen, a core element of the 'hydrogen economy,' on a large scale with their own technology.

Kim Seoyoung, CEO of Hylium Industries, stated, "We are promoting the early construction of South Korea’s first demonstration liquefied hydrogen plant, which was contracted in Samcheok-si, Gangwon-do this year, as well as the supply of a 6,000ℓ-class liquefied hydrogen tank for ships, contracted from the Ship and Offshore Plant Research Institute." CEO Kim is regarded as one of the top domestic experts in the field of liquefied hydrogen research. Having dedicated over 20 years to hydrogen-related research at KIST, he was the key figure who independently developed the technology to produce, store, and transport cryogenic liquefied hydrogen for the first time in South Korea. Through connections with advanced aerospace and defense industries, he developed liquefied hydrogen technology independently through national projects, which cannot be transferred from advanced countries. The core technology liquefies hydrogen at an ultra-low temperature below -253℃, solving the risks of high-pressure hydrogen gas compression storage and the inefficiency of transport volume. This technology offers advantages such as safety, storage efficiency, and reduced transportation costs.

CEO Kim and KIST researchers united their efforts to start the company, and Hylium became the first domestic company to independently develop liquefied hydrogen manufacturing and storage technology. Utilizing liquefied hydrogen technology, Hylium produces liquefied hydrogen storage containers for mobility, fuel cells for unmanned aerial vehicles, and mobile hydrogen stations. The company is also expanding its business into liquefied hydrogen refueling stations and hydrogen storage tanks for ships. Notably, drones equipped with liquefied hydrogen fuel cells can fly ten times longer than battery-based drones. Hylium Industries aims to supply ultra-light liquefied hydrogen tanks to drone airlines and air taxis worldwide in the future. CEO Kim said, "Based on ultra-light liquefied hydrogen tanks, liquefied hydrogen drones, and mobile hydrogen refueling stations developed as core solutions for future hydrogen mobility, we plan to establish a U.S. subsidiary next year and start customer service in the global market."

Based on this, Hylium expects sales of 9.4 billion KRW this year, which is more than 37 times the sales of the previous year. The company also anticipates export performance of 1.55 million USD overseas. The number of employees increased from 19 last year to 35 as of June this year.

Since last year, the Small and Medium Business Corporation (SBC) has played a catalytic role in Hylium’s full-scale business expansion by providing policy funds. After supporting 200 million KRW in startup foundation support funds last year, SBC provided 1 billion KRW in combined investment and loan financing this year to help commercialize Hylium’s development items. The company has been highly evaluated for leading the green energy sector by accelerating the transition from a carbon economy to a hydrogen economy, focusing on hydrogen fuel-based mobility. SBC explained that innovation in the existing hydrogen industry ecosystem and various expansions into new domestic industries based on liquefied hydrogen are expected.

An SBC official said, "Liquefied hydrogen is expected to have high market potential as it can be applied to various businesses such as hydrogen mobility, hydrogen refueling stations, and power generation. In line with the increasing demand for a low-carbon and eco-friendly economy, we will actively discover and support hydrogen-related companies in the Korean New Deal sectors."