SK E&S Co., the natural gas business unit of South Korea’s SK Group, said on Monday it is set to invest $25 million in US turquoise hydrogen company Monolith Materials Inc. in a move to expand its hydrogen business portfolio.
Turquoise hydrogen is produced in the pyrolysis process of natural gas. It is categorized as eco-friendly hydrogen along with green hydrogen made 100% from water hydrolysis and blue hydrogen made through carbon-based processes as it does not emit any carbon dioxide during production.
Monolith, headquartered in Lincoln, Nebraska, is the world’s first mass-producer of turquoise hydrogen with its own secured pyrolysis technologies, a key for the production.
The investment is expected to allow SK E&S to establish the entire hydrogen production portfolio and create synergy for SK Group’s hydrogen business.
In October last year, SK Inc., the group’s holding and investment company, established a joint venture in South Korea with Monolith.SK E&S targets business opportunities in the country, utilizing Monolith’s turquoise hydrogen technology competitiveness.
“SK E&S aims to optimize the hydrogen business portfolio by applying its blue and green hydrogen business capabilities to turquoise hydrogen,” said an SK E&S executive said.
Write to Ik-Hwan Kim at
lovepen@hankyung.comJongwoo Cheon edited this article.
