SK E&S' hydrogen unit raises $280mn

IGE, the hydrogen subsidiary of South Korea’s SK E&S, has raised 360bn won ($280.6mn) from state-run banks for a liquid hydrogen plant project, SK E&S announced on December 23.

IGE has signed a project financing arrangement with the Korea Development Bank (KDB), the Export-Import Bank of Korea and the Industrial Bank of Korea.
 
The funds will be used to build a liquid hydrogen plant with a production capacity of 30,000 metric tons/year in Incheon. The plant will begin commercial operations in the second half of 2023.

SK E&S said it plans to create an ecosystem for the hydrogen industry in the country. IGE was established in March last year to promote businesses such as liquefied hydrogen production and sales.