POSCO will develop an equipment which can make 5 million tons green hydrogen before 2050
According to the news published by Korea POSCO on 18th of December, to achieve the goal of becoming a green hydrogen and carbon-free company, POSCO will develop an equipment which can make 5 million tons hydrogen before 2050, and achieve the $27 billion sales volume on green hydrogen.
POSCO takes hydrogen energy as one of its growth engines, and it will combine group’s capabilities to build the hydrogen industry value chain including production, transport, storage and applications. POSCO International will also use its overseas network to participate in the international hydrogen projects. POSCO Energy will build a terminal dedicated to storing hydrogen and replace current liquefied natural gas (LNG) turbines with hydrogen power in phases from 2030. The POSCO E&C project will play a role in supporting the construction of hydrogen urban development projects and hydrogen storage and transportation projects.
POSCO will focus on the improvement of its production capacity and core technologies, including hydrogen production through electrolysis of water and hydrogen extraction by 2030. In order to fully carry out its hydrogen production business, POCSO will set up a new business department in January 2021, and take POSCO Institute of Industry and Technology (RIST) as the center to promote research and development cooperation with domestic and foreign research institutions. At the same time, POSCO will build hydrogen stations near the steel plants and replace all steel transport vehicles and other company vehicles with hydrogen powered vehicles. Currently, POSCO owns about 1, 500 large trucks for transporting steel products. If temporary trucks are included, the number will reach about 5, 000. Besides, POSCO will cooperate with domestic and foreign research institutions to develop ammonia-borne hydrogen technology, which means using ammonia as a storage carrier to transport hydrogen, to achieve efficient, safe and economical transport of hydrogen.
POSCO will start extensive cooperation with global enterprises, and invest in large scale. It plans to increase its hydrogen production up to 70 thousand tons by 2025, and achieve the goal of 500 thousand tons blue hydrogen (also known as low hydrocarbon, it can be made from fossil fuels) in the year 2030. And by the year 2040, it aims at producing 2 million tons of green hydrogen, and finally reaching 5 million tons green hydrogen in 2050. According to unknown report, currently, POSCO can produce 7,000 tons of hydrogen every year by using coke oven gas during smelting, and there are about 3,500 tons of hydrogen extracting as a by-product.
POSCO also plans to build steel plants by 2050 which is based on green hydrogen. Once the hydrogen smelting technology becomes commercial, POSCO’s annual needs for green hydrogen will reach around 3.7 million tons. It is reported that South Korean government has established the Hydrogen economy Committee currently, and issued a green New Deal to promote the transition to the hydrogen economy. It is estimated that South Korea’s annual hydrogen demand will increase to 1.94 million tons by 2030 and exceeds 5.26 million tons by 2040. The application of hydrogen will expand from the current petrochemical industry to transport and electric power generation fields.