Hanjin-Korea East-West Power to Promote 'New Promising Low-Carbon Projects'

(From left) Sang-gi Jo, Head of Business Division at Korea East-West Power, Young-moon Kim, President of Korea East-West Power, Sam-seok Noh, CEO of Hanjin Business Division, and Hyun-min Jo, Vice President of Future Growth Strategy and Marketing at Hanjin, are posing for a commemorative photo after signing a business agreement.

[Asia Economy Reporter Dongwoo Lee] Hanjin and Korea East-West Power announced on the 16th that they have signed a business agreement to jointly develop promising new low-carbon businesses based on the core competencies each company possesses.

The two companies plan to secure new growth engines by promoting an eco-friendly low-carbon new business that combines solar power and hydrogen projects. They will jointly develop related businesses by utilizing each other's infrastructure and gradually cooperate in technology development.

The first phase involves installing solar power generation facilities on idle spaces such as logistics warehouse roofs and parking lots owned by Hanjin to establish the business foundation. In the second phase, they plan to expand to the third phase of each company's own and joint businesses by producing green hydrogen using Korea East-West Power's P2G demonstration technology, including hydrogen power plants, charging for transport trucks, hydrogen transportation, and sales.

P2G (Power to Gas) refers to a technology that converts, stores, and utilizes surplus electricity from renewable energy sources such as solar and wind power by electrolyzing water into gaseous energy like hydrogen and methane.

To supply eco-friendly energy as the business foundation, the two companies will first install a 2.0 MW-class solar power generation facility on approximately 15,000㎡ of the roofs of three buildings at Hanjin's Gwangyang Logistics Center. They plan to complete the structural safety review within this month and start construction within the year.

A Hanjin official stated, "Starting with renewable energy generation and successfully completing the cooperative project to establish a green hydrogen business model, we will build a business model that leads climate change response and future promising low-carbon businesses."

Meanwhile, Hanjin is leading green growth through building an eco-friendly supply chain by converting delivery vehicles to electric vehicles, using eco-friendly lubricants, operating the eco-friendly upcycling platform ‘Platnit’, and engaging in various environmental protection activities.