SK E&S CEO Choo Hyeong-wook, front row left, poses with participants at the celebration of the completed construction of the company's liquefied hydrogen plant in Incheon, Wednesday. From front row left are Choo, Export-Import Bank of Korea CEO Yoon Hee-sung, Korea Development Bank Chairman Kang Seog-hoon, Rep. Lee Jae-jung of the Democratic Party of Korea, Minister of Trade, Industry and Energy Ahn Duk-geun, Incheon Mayor Yoo Jeong-bok, SK Inc. CEO Jang Yong-ho and Industrial Bank of Korea CEO Kim Sung-tae. Yonhap

SK E&S finished the construction of the world's largest liquefied hydrogen plant in Incheon that can produce up to 30,000 tons of the eco-friendly energy source annually, the company said Wednesday.

Its capacity is considered large enough to operate 5,000 hydrogen-powered buses for a year.

The plant is therefore expected to boost the supply of hydrogen-powered buses in Korea, allowing the country to avoid a shortage of hydrogen for vehicles, which occurred last November after a malfunction at hydrogen production facilities here.

"The completed construction of the Incheon liquefied hydrogen plant is the starting point to make our dream of the hydrogen era come true," SK E&S CEO Choo Hyeong-wook said. "The year 2024 will be remembered as the first year of the era of liquefied hydrogen, which will change the course of the history of Korea's energy industry."

SK E&S's liquefied hydrogen plant in Incheon / Courtesy of SK E&S

Since SK Group announced its plan to build the plant at a meeting for the prime minister-led hydrogen economy committee in March 2021, the conglomerate has made efforts to create a hydrogen ecosystem in Korea.

SK Group Chairman Chey Tae-won said at that time that the business group would fulfill its corporate responsibility to achieve carbon neutrality by 2050.

Under the plan, SK E&S also seeks to build around 40 hydrogen charging stations nationwide, to commence the operation of about 20 stations by the end of this year. The stations will source hydrogen from the new Incheon plant, to supply the energy source to their consumers.

"Through the transition to hydrogen-powered public transportation, the Incheon plant will contribute to the reduction in greenhouse gases," an SK E&S official said.