Hyundai Engineering & Construction said on the 13th that it signed a memorandum of understanding (MOU) with ITOCHU Corporation of Japan to cooperate on new business related to the hydrogen energy transition.
The signing ceremony was held at ITOCHU Corporation's headquarters in Tokyo, with key executives from both companies attending, including Hyundai Engineering & Construction CEO Lee Han-woo; Lee Sang-bae, head of the Plant Business Headquarters; and Hiroyuki Tsubai, president of ITOCHU's Machinery Company.
The agreement is to jointly pursue new businesses related to hydrogen production and supply. ITOCHU will oversee and invest in the business, while Hyundai Engineering & Construction will take charge of plant EPC (engineering, procurement and construction).
The two companies plan to expand cooperation in hydrogen production and supply by combining Hyundai Engineering & Construction's plant construction capabilities with ITOCHU's global network and raw material supply know-how.
In particular, ITOCHU has experience placing the world's first order for an ammonia bunkering vessel, and Hyundai Engineering & Construction plans to strengthen its business competitiveness based on its hydrogen production plant construction capabilities.
Once the collaboration gets underway in earnest, it is expected to contribute to achieving carbon neutrality and revitalizing the hydrogen economy by building a foundation for clean hydrogen production.
Founded in 1858, ITOCHU operates a wide range of businesses, including textiles, machinery, metals and minerals, energy and chemicals, real estate, and finance. It has carried out projects with Hyundai Engineering & Construction such as the Sarulla geothermal power plant in Indonesia and Panama Metro Line 3, and last year the two signed an MOU to cooperate in pumped-storage hydropower, data centers, and ammonia and liquefied natural gas (LNG).
During this visit to Japan, Hyundai Engineering & Construction also held a series of meetings with representative Japanese corporations, including Mitsui & Co. and JGC, to discuss cooperation on nuclear power, offshore wind, data centers, LNG, oil and gas, and postwar reconstruction projects in the Middle East.
A Hyundai Engineering & Construction official said, "Cooperation between Korea and Japan is important to secure competitiveness in global high value-added businesses such as artificial intelligence (AI), energy security, carbon neutrality, and postwar reconstruction," adding, "We will expand strategic partnerships with global corporations to strengthen competitiveness across the energy value chain."