(ATTN: ADDS more info in paras 7-9)
SEOUL, Oct. 19 (Yonhap) -- Hyundai Glovis Co., a logistics unit of Hyundai Motor Group, said Tuesday it has signed a deal with Air Products on establishing a global hydrogen supply chain.
Under the contract, Hyundai Glovis will cooperate with the world's top hydrogen maker on building up a domestic supply chain for liquid hydrogen and a local blue-green hydrogen supply network.
The two companies will also play ball in such areas as overseas blue-green hydrogen ocean shipping and jointly explore overseas businesses, Hyundai Glovis said.
After an online signing ceremony, Hyundai Glovis CEO Kim Jung-hoon said, "There will be a great synergy with Hyundai Glovis with lots of experience in global gas transportation and Air Products, which has lots of experience in gas manufacturing and sales technology."
Based in the U.S. state of Pennsylvania, Air Products provides overall solutions for the hydrogen business logistic chain from production, liquefaction, storage and transportation to charging-fueling systems and related infrastructure.
Air Products, which has more than 60 years of hydrogen-handling business experience and posted US$8.9 billion in sales in 2020, has participated in more than 250 hydrogen refueling station projects in 20 different countries.
Hyundai Glovis also said it plans to use clean hydrogen and green ammonia, and work with the American partner on building the supply chain for green ammonia-based hydrogen.
Ammonia is used to produce green hydrogen by extracting hydrogen from it and has drawn attention as an eco-friendly fuel in the shipbuilding industry,
Blue hydrogen is produced from natural gas and produces less carbon dioxide. Green hydrogen is produced from water or ammonia, using renewable energy sources, such as wind power, without emitting carbon dioxide.
The deal comes as Hyundai Glovis is ramping up efforts to tap into new sustainable business areas in preparation for a future hydrogen-based society.
Early this month, Hyundai Glovis vowed to beef up its eco-friendly business, including hydrogen transportation and electric vehicles (EV) battery recycling, under a new business branded ECOH.