Samsung Engineering will invest about 30 billion won in funds to secure and commercialize hydrogen and carbon neutral technologies.
Samsung Engineering will invest about 30 billion won ($27 million) in venture investment funds to secure and commercialize hydrogen and carbon neutral technologies.
Samsung Engineering announced on March 18 that it will invest 30 billion won in the New Technology Business Investment Association (SVIC No. 51), which is formed by Samsung Venture Investment. This is the first time Samsung Engineering has invested in a venture investment fund.
Samsung Engineering formed this investment association to foster new businesses that utilize hydrogen and carbon as eco-friendly future energy.
Hydrogen is produced by electrolysis of water, but it is expensive and difficult to produce in large quantities. So far, what is produced in the process of refining fossil fuels is being used.
However, in this process, CO2, a greenhouse gas, was created together, which was often released into the atmosphere, causing problems such as global warming.
Samsung Engineering is planning to actively develop blue hydrogen technology that collects and utilizes carbon dioxide through this investment. The company already has sufficient project experience in the areas of capture, storage, and injection plants of carbon dioxide.
Based on this experience, the company plans to preempt and commercialize the technology by investing and collaborating with venture companies that have promising technologies such as hydrogen, carbon utilization, and plastic recycling.
“This investment volume is equivalent to investments in five to six venture companies,” Samsung Engineering said. “We plan to invest more than two cases within this year.”
It said, “We will diversify our business portfolio by continuously expanding investments in environmental, social, and governance (ESG) commercialization (ESG) based on this investment,” he said.
Samsung Engineering is planning to actively develop blue hydrogen technology that collects and utilizes CO₂ through this investment.
Originally published at IT Times