Tulsa-based engineering firm Matrix Service Co. signed a Memorandum of Understanding with natural gas firm Korea Gas Corporation for the development of technology to support onshore large-scale cryogenic storage for hydrogen, in line with the country’s commitment to carbon neutrality by 2050.
The MoU provides the framework for the development of this new technology and supports the development of solutions enabling the transportation of greater volumes of hydrogen by ship.
"Hydrogen is key to achieving our country’s net-zero carbon objectives, and KOGAS is happy to take a leading role in creating a solid foundation for this,” said Hee-Bong Chae, President and CEO of KOGAS. “We are proactively pursuing the development of new technologies and infrastructure for hydrogen shipping, storage, and distribution to meet mid- and long-term demands, and look forward to working with Matrix Service Company in achieving this reality."
“As the world transitions to clean energy, KOGAS is taking a leadership role in becoming a showcase company for hydrogen,” John R. Hewitt, President and CEO of Matrix Service Company, said in a statement. “We are honored to have been selected by KOGAS to help them develop the technology solutions needed to meet these onshore and ship transport requirements.”
Korea Gas Corp. aims to transform itself into a hydrogen platform operator.
Research firm MarketsandMarkets recently predicted that the global hydrogen energy storage market could transform from $13.8 billion in annual size to nearly $120 billion by 2027.
C&I sector players which are making investments in H2 for future carbon-free or low-carbon energy include Mitsubishi Power, Siemens, Invenergy, Johnson Mathey, Honeywell Ventures, Black & Veatch, Caterpillar, Cummins, ABB, Uniper and Shell, among many others.
