- Business Opportunities
- Hydrogen Industry
Establishment of a Hydrogen-based Energy Industry
Gangwon-do’s liquid hydrogen industry is leading the Korean New Deal with its locally-led Green New Deal project
Gangwon-do, the Best Location for the Liquid Hydrogen Industry
The world is facing a climate crisis that has exacerbated to the level of a climate disaster. Greenhouse gases such as carbon dioxide continue to accelerate global warming and wreak serious havoc on the environment. The Korean government is focusing on hydrogen economy as a solution to the current crisis brought on by climate change, and Gangwon-do instead of the mainstream gaseous hydrogen industry selected the liquid hydrogen industry as the region’s next-generation key industry by taking note of the fact that liquid hydrogen with volume 1/800 that of gaseous hydrogen can readily be stored and transported. Gangwon-do plans to develop the east coast as the hub of energy innovation with Samcheok as the central city. The area around the LNG receiving terminal in Samcheok has abundant idle spaces and a solid ground. There is also the advantage of reducing hydrogen liquefaction costs by up to 30% by using the cold energy with a temperature of -163℃ generated when LNG is vaporized in Samcheok LNG receiving terminal.
Designation of Korea’s First Liquid Hydrogen Industry Regulation-Free Zone
The government in recognition of Gangwon-do’s most optimal conditions for developing the liquid hydrogen industry designated the 254,031m2 site stretching across Samcheok, Donghae, Gangneung, and Pyeongchang as the “Gangwon Liquid Hydrogen Industry Regulation-Free Zone.” In the Regulation-Free Zone, twenty-three businesses and agencies will be involved in validating the commercial viability of liquid hydrogen projects ranging from the production of liquid hydrogen production facilities, the production of liquid hydrogen containers and storage tanks, the establishment of liquid hydrogen charging stations, and the construction and operation of liquid hydrogen fuel cell ships. In link with the Regulation-Free Zone, Gangwon-do plans to build the nation’s only hydrogen storage and transportation infrastructure in a 352,474m2 site connecting the LNG receiving terminal in Hosan Port, Samcheok and Bukpyeong Industrial Complex in Donghae by taking the opportunity of Gangwon-do’s selection as a partner of the hydrogen storage and transportation cluster preliminary feasibility study, which was included in the Korean New Deal announced by the government (Ministry of Trade, Industry and Energy). As a part of the cluster project, a technology support center, a joint-use center, and a stability testing center will be established from 2022 to 2026 by injecting KRW 277.7 billion including KRW 97 billion funded by the government. Gangwon-do expects the liquid hydrogen industry to generate production worth KRW 3.8 trillion and 2,800 jobs and attract seventy businesses by 2030.
Creation of a value chain encompassing the verification of key technologies, policy development and establishment of the production system.