Korean Construction Giants Embrace Hydrogen for Future Growth
Key Ideas
- Samsung C&T and Hyundai E&C are diversifying into the hydrogen sector to stay competitive and capitalize on the potential of cleaner fuel sources.
- Both companies are seeking approval to add hydrogen-related businesses to their articles of association, with a focus on hydrogen power generation and engineering of hydrogen plants.
- Hyundai Motor Group, through its construction unit Hyundai E&C, is collaborating with affiliates to expand its footprint in the hydrogen value chain and contribute to carbon neutrality goals.
- The companies are already engaged in large projects domestically and internationally, aligning with global efforts to reduce carbon emissions, including producing green hydrogen in Australia and Korea.
Korea's major construction firms, Samsung C&T and Hyundai E&C, are strategically venturing into the hydrogen sector to secure a competitive advantage and drive growth amid challenges in the housing market. Both companies are set to propose adding hydrogen-related ventures to their business scope during shareholder meetings. Samsung C&T is focusing on hydrogen power generation, while Hyundai E&C is emphasizing the engineering of hydrogen plants for carbon neutrality and energy transition. Hyundai Motor Group, particularly through Hyundai E&C, is collaborating with its affiliates to expand into the hydrogen value chain, in line with Chairman Chung Euisun's vision of hydrogen production and utilization. The companies are actively involved in projects at home and abroad to support carbon emission reduction goals, such as Samsung C&T's green hydrogen production facility in Australia and Hyundai E&C's hydrogen plant in Korea. The initiatives reflect a positive sentiment towards hydrogen as a key driver for future business growth and sustainability.