Hyundai Engineering & Construction (Hyundai E&C) is accelerating efforts to expand the global business of clean hydrogen projects and technology cooperation in Korea in cooperation with Korea Hydro & Nuclear Power (KHNP).
Both sides struck an MOU on clean hydrogen production projects and technology development in Korea and abroad, with Hyundai E&C President and KHNP President Hwang Ju-ho in attendance at Hyundai E&C headquarters in Gye-dong, Seoul, on March 24.
The two companies agreed to implement clean hydrogen production projects in Korea and abroad, as well as launching R&D activities on carbon reduction to invigorate the national hydrogen economy and realize carbon neutrality.
The projects, to be undertaken under the deal, include a hydrogen production center project based on water electrolysis in Buan, Jeollabuk-do, a joint project in Chile to secure hydrogen market entry in Central and South America, a clean hydrogen production & utilization project based on biogas, and the overall hydrogen value chain, such as other carbon neutrality and clean hydrogen technology development collaboration.
KHNP President Hwang said, “The agreement is expected to have mutual synergetic effects in the hydrogen production and carbon neutrality business sectors, and it will serve as an opportunity to make efforts to raise a competitive edge in the global hydrogen production market and contribute to the development of the national hydrogen industry.”
Hyundai E&C President Yoon said, “Hyundai E&C has built up technology superiority by focusing resources and capabilities on the hydrogen sector in an era of energy transition, and both companies, leading the renewal energy business, will do their utmost to accelerate efforts to build hydrogen value chain and advance realization of hydrogen society through the deal.”
Hyundai E&C President Yoon Young-joon shakes hands with KAI President Kang Goo-young after they inked an MOU on the defense industry of the aviation sector and raising the competitiveness of the construction industry at Hyundai E&C headquarters in Seoul on March 27. (Photos: Hyundai E&C)
Hyundai E&C Teams UP with KAI to Explore Defense Industry Market
Hyundai Engineering & Construction (Hyundai E&C) and Korea Aerospace Industries Ltd. (KAI) have joined forces to expand export packages for the Korean defense industry.
Hyundai E&C inked an MOU with KAI on the defense industry of the aviation sector and raising the competitiveness of the construction industry. Hyundai E&C President Yoon Young-joon and KAI President Kang Goo-young in attendance at Hyundai E&C headquarters in Gye-dong, Seoul, on March 27.
Under the deal, both companies will jointly commercialize export packages in defense and construction.
They will also exchange information through global networks such as offices abroad and continue cooperative ties to explore customization of export strategies by country.
Hyundai E&C has an impressive track record of building domestic and foreign airports like Incheon International Airport, airfields and domestic military facilities.
KAI focuses on related businesses, such as exports of about 200 military aircraft to Southeast Asia, Latin America and the Middle East.
The agreement will further strengthen competitiveness in winning orders by combining into one package military aircraft and aviation construction know-how such as airports, air traffic control facilities, runways and hangars.
This collaboration is a voluntary project based on major government policy goals like the country securing 5% of global defense exports and becoming one of the world's four major exporters in the field. Last year, defense exports reached a record-high $17 billion.
“Leading the development of aerospace technology, mutual cooperation between KAI and Hyundai E&C will serve as the cornerstone of ‘Team Korea’ in the defense industry,” said Hyundai E&C CEO Yoon.