Hyundai Engineering and Dongseo Power Sign MOU for Hydrogen Production and Utilization Linked Project

[Asia Economy Reporter Cha Wanyong] Hyundai Engineering announced on the 3rd that it has signed a Memorandum of Understanding (MOU) with Korea East-West Power for 'Cooperation on Hydrogen Production through Recycling Plastic Resource and Hydrogen Utilization Linked Projects.'

Through this MOU, the two companies agreed to collaborate on ▲hydrogen production business using recycled plastic resources ▲hydrogen utilization fuel cell power generation business ▲power generation fuel utilization business using hydrogen and ammonia ▲green hydrogen production business using wind, geothermal, solar power, and small modular reactor power generation ▲overseas green hydrogen and ammonia business development and terminal construction.

Hong Hyun-seong, CEO of Hyundai Engineering (left), and Kim Young-moon, President of Korea East-West Power, signed an MOU for "Cooperation on Hydrogen Production and Utilization Linked Projects through Recycling Plastic Resources."
[Photo by Hyundai Engineering]

Hyundai Engineering plans to produce hydrogen through its new business of recycling plastic resources and supply it to Korea East-West Power. Korea East-West Power will prioritize advancing the hydrogen fuel cell power generation business using the supplied hydrogen.

In July last year, Hyundai Engineering signed an industrial complex entry contract with Dangjin City, Chungnam Province, and is preparing to construct a recycling plastic resource plant covering 96,167㎡ within the Dangjin Songsan 2 General Industrial Complex. The goal is to start commercial production from 2026. Additionally, by utilizing melting and gasification processes, it plans to produce approximately 24,000 tons of hydrogen annually from about 133,000 tons of recycled plastic per year.

A Hyundai Engineering official stated, "Ecological destruction caused by plastic use is at a serious level worldwide," adding, "As social demand for plastic recycling and resource recovery grows, Hyundai Engineering plans to actively invest in related research and development."