Nel ASA (NLLSF)

[TPX]

Nel joins joint venture aiming to establish 100 hydrogen stations in South Korea by 2022

1 March 2019

Thirteen companies have joined forces to establish special purpose corporation Hydrogen Energy Network (HyNet) which aims to install 100 hydrogen stations in South Korea by 2022.

Nel Korea, a subsidiary of Nel ASA, is the latest company to join the joint venture, which already includes Hyundai Motor Company, Korea Gas Corporation and Air Liquide Korea.

HyNet plans to build and operate hydrogen fuelling stations in South Korea together with strategic investors and is financially supported by the Korean Ministry of Environment.

Its target is primarily to expand to expand the hydrogen fuelling infrastructure in South Korea by installing 100 stations by 2022 and to operate them until 2029.

Martin Pfandl, General Manager of Nel Korea, said, “We are excited to see the South Korean market moving ahead with hydrogen mobility.”

“Nel sees significant opportunities in South Korea and is looking forward to joining forces with other key players in the industry to realise this hydrogen fuelling infrastructure.”

“Nel will contribute with our leading technology and infrastructure development experience from other markets to ensure the success of this high-potential development.”

The Board of HyNet consists of seven board members including Nel Korea with Simon Choi, Sales Director and Vice-President, who was elected as a representative of the hydrogen refuelling station equipment suppliers.

Nel intends to sell H2Stations® both directly to the HyNet joint venture as well as directly to other customers. Nel will further evaluate to invest in HyNet depending on the number of possible hydrogen stations sales.

“We believe that HyNet will significantly accelerate the deployment of both fuel cell electric vehicles and hydrogen fuelling infrastructure in South Korea, and we are ready to provide both our well proven and compact H2Station solutions as well as our knowhow to HyNet,” concluded Pfandl.

https://www.gasworld.com/nel-joins-hynet/2016729.article