MGEN Solution and SCL Energy Step Up Hydrogen Business Cooperation to Strengthen Competitiveness in the Global Green Hydrogen Market

On the 23rd, MGEN Solution announced that it had officially signed a main contract with green hydrogen specialist SCL Energy for cooperation in the hydrogen energy business. The two companies plan to begin full-scale efforts to enter the global hydrogen energy market.

This contract is significant in that it represents a move beyond the previously announced launch of a hydrogen production showcase project into the stage of technology commercialization and business expansion. Specifically, it covers cooperation across all stages of the business, including: joint development and commercialization of green hydrogen production facilities; participation in domestic hydrogen infrastructure projects; collaboration on overseas market entry strategies; and cooperation on technical information and intellectual property (IP).

In particular, MGEN Solution plans to build a product lineup of a "safety and high-efficiency integrated hydrogen package" targeting global customers by combining performance data obtained through the showcase production project with its AI (artificial intelligence)-based safety solutions.

A company official stated, "This is the starting point for moving beyond simple demonstration to a full-fledged business phase aimed at targeting the global market," adding, "We have secured momentum so that our solutions can become the standard in the domestic and global green hydrogen ecosystem."

The official went on to say, "The green hydrogen market is projected to grow at a compound annual growth rate (CAGR) of 30.2% and expand to approximately 150 trillion won by 2033," and added, "We will strengthen our strategies to secure business leadership and expand the market in hydrogen projects overseas, going beyond the domestic market."

The two companies plan to promote globalization of their business by simultaneously participating in overseas energy exhibitions, strengthening cooperation with foreign public institutions and corporations, and engaging in activities to attract global investment.

They also plan to seek business expansion into all areas of the hydrogen ecosystem, including green hydrogen power generation to meet RE100 (100% renewable energy) targets and hydrogen fuel cell charging infrastructure projects. Their strategy is to develop this into a total solutions business that covers not only hydrogen production but also energy storage and utilization.