Hylium Industries Inc., South Korea’s hydrogen liquefier manufacturer, has signed a deal to supply high-capacity liquefied hydrogen storage tanks to AirFirst Co., Hylium said on Wednesday.
AirFirst, South Korea's leading industrial gas provider, will utilize the storage facilities to support large-scale hydrogen distribution to its domestic customers.
The liquefied hydrogen storage system are designed to minimize boil-off losses and reduce potential risks during transportation through advanced temperature control and pressure maintenance systems.
They also offer high stability over extended storage periods and in extreme cryogenic conditions. The value of the contract was not disclosed.
Hylium Industries was the first company in South Korea to localize the manufacturing of liquefied hydrogen storage tanks.
It also produces hydrogen liquefiers and liquid hydrogen-powered drones, while operating hydrogen refueling stations.
Hylium expects the supply deal with AirFirst to accelerate its global expansion amid growing demand for liquefied hydrogen.
It is aiming for a fast-track IPO this year. Small high-tech Korean companies can qualify for a listing on the junior Kosdaq market even if they fall short of standard financial criteria.
Founded in 1975, AirFirst supplies a wide range of gases including nitrogen, oxygen, argon and hydrogen.
In 2023, BlackRock bought a 30% stake in AirFirst for 1.11 trillion won ($772 million), with South Korean private equity firm IMM holding the remaining 70%.
Write to Yeonhee Kim at yhkim@hankyung.com
Jennifer Nicholson-Breen edited this article.
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