South Korean energy giant SK E&S, a unit of SK Group [034730:KS], unveiled its KRW33bn (USD25m) investment plan in Monolith Materials, an American clean hydrogen and materials company, as reported by the Korea Herald on July 18. Monolith Materials, founded in 2013, has commercialized turquoise hydrogen, which is valued as low-emission hydrogen since it emits no carbon dioxide during production. SK plans to establish a diverse hydrogen portfolio spanning from blue, green to turquoise by incorporating Monolith Material’s technology.
SK proposed a KRW18.5tr (USD15.82bn) investment plan in 2021 to develop a hydrogen energy ecosystem by 2025. Specifically, SK’s hydrogen energy promotion strategy consists of three parts: entering the South Korean hydrogen energy market by establishing a large-scale production system, ensuring business stability by forming a value chain of hydrogen energy production, distribution, and supply, and entering overseas markets by investing in technology companies and forming partnerships to ensure ownership of core hydrogen energy technologies. For the first part of the strategy, SK E&S will invest around KRW500bn (USD428m) to construct a liquefied hydrogen production site capable of producing 30,000 tons of liquefied hydrogen. Notably, this 30,000 tons of liquefied hydrogen is almost equivalent to the carbon reduction impact of planting 12m trees and will make a significant contribution to improving South Korea’s air quality.