Kolon Industries enters into series of MOUs on cooperation for hydrogen business at 2022 Investor Day

Kolon Industries enters into series of MOUs on cooperation for hydrogen business at 2022 Investor Day

“Accelerating for Net-Zero by 2040”

▷ Building partnerships with competent companies such as Deokyang and Airovation Technologies as per Group’s hydrogen business strategy

▷ To reduce carbon emissions and seek new business opportunities by developing carbon capture solutions

Kolon Industries (CEO Hee-Goo Jang) is seeking to expand its hydrogen business by joining hands with Deokyang, a company that produces industrial gas such as hydrogen, and Airovation Technologies, an Israeli company that provides carbon capture and mineralizing solution, based on the Kolon Group’s hydrogen strategy.

At the 2022 Investor Day hosted during the Korea H2 Business Summit on July 6, where the executives of local and foreign members, overseas energy companies, and investment and financial institutions gathered to discuss recent updates and vision of Korea’s hydrogen business, Kolon Group presented the Kolon H2 Platform which stretches from hydrogen production to storage and transport, and power generation. Kolon Industries announced on July 7 that it entered into MOUs with Deokyang and Airovation Technologies that are highly competent in the respective areas.

Based on the MOU, Kolon and Deokyang will proactively collaborate to establish the cooperative basis for producing hydrogen that is essential in fuel cell power generation business and for producing green hydrogen (hydrogen obtained by splitting water using renewable energy) and blue hydrogen (hydrogen produced while reducing carbon emissions supported by carbon capture and storage) using wind power. They will also cooperate on creating new hydrogen business opportunities targeting overseas markets.

In addition, as a means to achieve Net-Zero at its business sites by 2040, Kolon plans to deploy Airovation’s carbon capture and utilization (CCU) solution, added with its own technologies, to develop Net-Zero solutions for new business opportunities.

According to a Kolon Industries insider, “these two companies are the best partners to develop future energy technologies that are most needed in the era of carbon neutrality. We will exert our utmost efforts to grow clean energy business including hydrogen into a core business of the Group that will shape a sustainable future, based on Kolon Industries’ differentiated knowhow.”

Kolon Industries started the research on separators for hydrogen fuel cells in 2006, and developed various technologies in hydrogen parts and materials including PEM (Polymer Electrolyte Membrane) and MEA (Membrane Electrode Assembly) that are used in membrane humidifiers and separators.