South Korean yard giant Korea Shipbuilding & Offshore Engineering (KSOE) has said it is working on a new liquefied hydrogen fuel tank.
The Hyundai Heavy Industries Holdings shipbuilding unit is teaming up with steel group Posco, the Korea Research Institute of Ships and Ocean Engineering (KRISO) and Hylium Industries, a developer of hydrogen technology solutions, for the project.
The aim is to have a trial tank ready for smaller ships by the end of this year, and then move on to systems for larger vessels, KSOE said.
KSOE's daughter company Hyundai Heavy Industries has already unveiled a new strategy to establish a hydrogen value chain by 2030, while developing vessels to carry the fuel.
The company will now design a dual tank structure to minimise natural vaporisation of hydrogen by increasing the vacuum insulation performance.
First hydrogen carrier on the way
Posco will develop stainless steel suitable for storing and transporting the liquid and Hylium will make the tanks.
In October, KSOE won approval for the design of a commercial liquefied hydrogen carrier from the Korean Register of Shipping (KR).
And in August, KSOE said it was joining forces with Posco to develop and build a vessel that can carry liquefied CO2.
TradeWinds reported earlier on Tuesday that Hyundai Heavy Industries itself is set to raise KRW 1.08trn ($935m) after pricing its initial public offering at the top of its indicative range amid strong demand.
The 18m shares on offer will sell at KRW 60,000 ($51.8) per share and are expected to list on the South Korea Stock Exchange on 16 September.
More than 1,600 institutional investors were reported to have shown interest in subscribing to HHI’s shares, according to media reports.
Mirae Asset Securities, Korea Investment & Securities and Credit Suisse Securities acted as co-managers for the IPO.
HHI plans to use as much as 70% of the proceeds to fund investments in new technology and eco-friendly ship technologies.
