A top South Korean company got go-ahead for the design of a commercial hydrogen carrier, local media reported on Thursday.

The Korea Shipbuilding & Offshore Engineering Co. announced on Thursday that, along with its Hyundai Mipo Dockyard Co., it has won approval “for the design of a commercial hydrogen carrier for the first time in the world”.

Founded in 1973, Korea Shipbuilding & Offshore Engineering Co. Ltd. builds ships for commercial and military purposes. It also manufactures oil tankers, cargo and passenger vessels, and warships.

According to Yonhap news agency, the approval was awarded by KR, South Korea’s ship quality assurance and risk management company, and the Liberian International Ship & Corporate Registry.

Under the new approval, the South Korean business giant can call for orders for the 20,000-cubic-meter liquefied hydrogen carrier.

“The liquefied hydrogen carrier was developed through cooperation among Korea Shipbuilding and its unit Hyundai Mipo Dockyard Co. as well as Hyundai Glovis Co., a logistics unit of Hyundai Motor Group, Korea Shipbuilding said,” the company said.

The newly developed carrier has been designed in a way that it can transport hydrogen after “reducing its gas-state volume by 1/800 and then liquefying it under minus 253 C.”

“The global hydrogen market is estimated to grow by $2.5 trillion in 2050, taking up 18% of the global energy demand,” the Korea Shipbuilding quoted a report by the Hydrogen Council as saying.

Copyright 2022 Anadolu Agency. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.