S Korea: Hyundai Glovis to launch its eco-friendly brand 'ECOH' to expend hydrogen and battery businesses
Hyundai Glovis will launch a new eco-friendly brand to promote hydrogen and electric vehicle (EV) battery-related businesses. It is planning to create value in the eco-friendly energy areas and strengthen its position as a comprehensive business operator, based on its logistics and distribution capabilities.
- South Korea
Seoul [South Korea], October 5 (ANI/Global Economic): Hyundai Glovis will launch a new eco-friendly brand to promote hydrogen and electric vehicle (EV) battery-related businesses. It is planning to create value in the eco-friendly energy areas and strengthen its position as a comprehensive business operator, based on its logistics and distribution capabilities. Hyundai Glovis, a global supply chain management (SCM) company, announced on the 4th that it will launch an eco-friendly energy solution brand, called 'ECOH.'
The name of the new brand ECOH means the environment (ECO) and people (HUMAN). It is considering making brand name as 'ECOH Logistics' or 'ECOH Station' for hydrogen business to feature its characteristic as a logistics company, and 'ECOH Storage' for EV battery business.
Hyundai Glovis is planning to provide optimal services to build a value chain that encompasses 'production, storage, transportation, and supply' of hydrogen. Firstly, it will increase the number of hydrogen shipping centers to nine by 2030, and supply hydrogen to more than 360 charging stations in Korea. Also, it is going to carry out green hydrogen distribution and related infrastructure operation projects in overseas such as Oceania and the Middle East, and independent development project to create domestic demand for green hydrogen.
Through the strategic alliance with a global ammonia producer, Hyundai Glovis is also planning to transport hydrogen in ammonia form through two VLGCs (Very Large Gas Carrier), which are expected to be built in 2024. Ammonia is one of the most efficient hydrogen storages and transportations. By collaborating with the global ammonia producer, it will also enter the production and distribution market of liquefied hydrogen in 2024. In addition, Hyundai Glovis is considering the hydrogen fuel cell power plant construction project and the AMP (Alternative Maritime Power supply) business to create an eco-friendly port in line with the introduction of HPS (Hydrogen Portfolio Standards) next year.
Another important factor of eco-friendly business is a battery, the core component of EVs. Following the current EV battery leasing demonstration project, Hyundai Glovis is planning to establish future strategies based on the demonstration of 'Vehicle to Grid (V2G)' technology that utilizes idle electrical energy by connecting EV with power grids. Hyundai Glovis will also prepare battery recovery and recycling businesses. It is because a large number of waste batteries is expected to come out from 2028, considering the EV batteries' life cycle (7-10 years). At the early of this year, Hyundai Glovis developed a 'platform container' that can transport batteries regardless of their forms after using EVs and obtained a patent with this technology.
Waste batteries for EVs can be reused for other purposes, or raw materials extracted from waste batteries can be recycled. Since the storage capacity of the battery can also be used even at the end of its life, it is also planning a UBESS project to recycle the waste battery as an ESS (Energy Storage System). (ANI/Global Economic)
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