Hyundai Engineering Signs MOU with Techross for 'Green Hydrogen Business Cooperation'

Hyundai Engineering announced on the 31st that it signed a Memorandum of Understanding (MOU) on the 30th with Techross, a company specializing in the production of alkaline water electrolysis devices, to collaborate on a green hydrogen business based on alkaline water electrolysis.

Im Gwanseop, Head of Plant Business Division at Hyundai Engineering (right), and Park Seokwon, CEO of Techcross, are taking a commemorative photo after signing a business agreement.
[Photo by Hyundai Engineering]

Alkaline water electrolysis technology is known as a method with high stability among various water electrolysis methods, making it suitable for large-scale hydrogen production. In particular, it is the most mature among water electrolysis technologies, and commercialization has already begun overseas. Currently, about 70% of the green hydrogen produced is generated through the alkaline water electrolysis method.

Hyundai Engineering is actively investing in hydrogen production business and research and development to achieve carbon neutrality. In June, it signed an MOU with Korea Midland Power to cooperate on a hydrogen production business utilizing water electrolysis, and starting from November, it plans to promote the "Water Electrolysis-Based Hydrogen Production Base Construction Project" in Boryeong, Chungnam, as a consortium with Korea Midland Power, Techross Water & Energy, and ISTE.

A Hyundai Engineering official said, "We expect that this business agreement will serve as a stepping stone for both companies to create great synergy and lead the green hydrogen market," adding, "We will continue to invest and conduct research and development across the entire hydrogen value chain, from production to storage, transportation, distribution, and utilization, to promote the hydrogen economy and achieve carbon neutrality."