Investment Agreement Signed Between Ulsan City and Deokyang Gas on February 27
Establishing a Clean Hydrogen Ecosystem and Laying the Foundation for a Hydrogen City
Ulsan City has attracted investment for the establishment of a blue hydrogen charging infrastructure.
Accordingly, a new distribution network will be established from blue hydrogen production to distribution and supply, expected to serve as a catalyst for the hydrogen economy.
Blue hydrogen refers to hydrogen produced with reduced carbon dioxide emissions by utilizing carbon capture and storage technology (CCS).
On the 27th at 11 a.m., Ulsan City and Deokyang Gas signed an investment agreement (MOU) for the establishment of blue hydrogen charging infrastructure at the mayor’s office on the 7th floor of the city hall main building, attended by Ulsan Mayor Kim Doo-gyeom and Deokyang Gas CEO Lee Chi-yoon, among others.
According to this investment agreement, Deokyang Gas will invest 18 billion KRW to build blue hydrogen charging infrastructure on a site of 10,186㎡ in the Bugok Yongyeon district of the Ulsan-Mipo National Industrial Complex by August 2026.
The blue hydrogen charging infrastructure is an essential facility in the hydrogen distribution process, responsible for storing the produced hydrogen and loading it at high pressure (200 bar) into hydrogen tube trailers.
Starting from September 2026, it is planned to supply up to 2,000 tons of hydrogen annually, which is enough to fuel 400,000 hydrogen passenger cars.
In particular, Deokyang Gas is expected to contribute to job creation and economic revitalization within the region by prioritizing the hiring of local residents in relation to the construction of the blue hydrogen charging infrastructure.
Ulsan City plans to continuously cooperate with companies and provide active administrative support such as expedited permits to ensure the successful promotion and stable settlement of this investment project.
Lee Chi-yoon, CEO of Deokyang Gas, said, “We appreciate Ulsan City’s interest and administrative support for the construction of the blue hydrogen charging infrastructure,” adding, “We will contribute to the further development of Ulsan as a hydrogen city through this investment.”
Mayor Kim Doo-gyeom said, “We expect Deokyang Gas’s position in the hydrogen sector to become stronger through this investment,” and added, “We will do our best to help Ulsan leap forward as a global leading city for blue hydrogen.”
Deokyang Gas is a high-pressure gas manufacturing and sales company headquartered in Buk-gu, Ulsan. Established in 1964, it produces and supplies industrial gases such as hydrogen and participates in gas-related technology development (engineering) projects.
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