Hyundai Glovis will develop ECOH, an environmentally friendly brand, to expand its hydrogen and battery industries.
Hyundai Glovis Co., a logistics unit of Hyundai Motor Group, said it is launching a new brand to beef up its eco-friendly business, including hydrogen transportation and electric vehicle battery recycling.
Under the brand ECOH, coined by combining eco and human, Hyundai Glovis said it aims to expand its main business scope from logistics to an eco-friendly energy platform service.
It is also considering adopting sub-brands such as ECOH Logistics and ECOH Storage to strengthen its hydrogen transportation and EV battery recycling businesses, respectively.
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Using its established supply chain management (SCM) network, the company said it plans to transport ammonia produced from Oceanian and Middle Eastern countries to Korea and beyond.
Hyundai Glovis said it has already formed partnerships with ammonia producers in those countries.
The company said last month it signed a deal with global commodities trader Trafigura to transport gas and ammonia as part of its longer-term strategy to enhance its presence in the global hydrogen market.
AMMONIA CARRIER
The company will invest 200 billion won ($173 million) to buy two very large gas carriers (VLGCs) sized at 86,000 cubic meters each, the largest gas carriers in the world, according to Hyundai Glovis on Sept. 5
Ammonia, which has been attracting attention as an eco-friendly fuel in the shipbuilding industry, is also used to produce green hydrogen by extracting hydrogen from it.
Green hydrogen refers to hydrogen produced from water or ammonia, using renewable energy sources such as wind power, without emitting carbon dioxide.
Hyundai Glovis said it will increase its hydrogen distribution centers in Korea to nine by 2030 and provide hydrogen to as many as 360 hydrogen fueling stations across the country.
The company said it will also tap into the production and distribution markets of liquefied hydrogen in cooperation with global hydrogen companies by 2024.
BATTERY RECYCLER
Amid growing demand for electric vehicles, Hyundai Glovis said it is also strengthening its battery recycling business.
Analysts say battery recycling and reuse are emerging as booming industries amid global initiatives by both governments and private sectors to prevent tens of thousands of tons of lithium-ion batteries from entering landfills, creating environmental problems.
The EV battery recycling market is forecast to grow to 87 trillion won ($74 billion) by 2040 from 400 billion won in 2020, according to market tracker SNE Research.
Hyundai Glovis said in February it is joining hands with LG Energy Solution Ltd. and KST Mobility Co., which operates EV ride-hailing platform Macaron Taxi, for battery leasing and recycling.
Kim Jung-hoon, Hyundai Glovis Chief Executive.
Together with EV battery charging services, our company aims to become a global leader in the used battery recycling sector.
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Hyundai Glovis will develop ECOH, an environmentally friendly brand, to expand its hydrogen and battery industries., October 4, 2021
