Seoul, South Korea: Hyundai Glovis Co. and GS Energy Corp. have signed a Memorandum of Understanding, it was announced today. The two companies will be working together to help accelerate Hyundai's clean energy drive by producing and delivering Ammonia and Hydrogen.
Under the MOU, Hyundai Glovis will be responsible for the transportation of the Ammonia and Hydrogen via marine routes. Meanwhile, GS Energy will oversee producing the clean energy as well as building import terminals. This news was released in a statement from the logistics unit of Hyundai Motor Group.
Hyundai Glovis is investing 200 billion won (US$154 million) to build two large gas carriers (VLGC) as part of the company's drive to increase its presence in clean-energy shipping. The 86,000 cubic-meter vessels are scheduled for delivery in 2024, and this project will also see the company explore new investment opportunities and develop relationships with potential customers.
Hyundai Glovis is leading the way in modernizing cargo transportation with its new very large gas carriers (VLGCs) that are equipped with special materials to accommodate the liquefied storage of Ammonia - a key feedstock for Hydrogen production. In November, Hyundai Glovis and GS Energy announced an MOU with a local partner to explore the use of carbon capture technology and after-use battery recycling. By utilizing liquid Ammonia and other liquids, the partnership aims to facilitate more efficient transportation of these valuable resources.