A rendering of HD Hyundai booth at "Gastech 2024" held in Houston, USA ▶ HD Hyundai will participate in Gastech 2024 in Houston, September 17-20 ▶ 16 certification acquisitions and MOU signings expected, highlighting the company's leadership in digital transformation and decarbonization technologies ▶ "HD Hyundai, a leader in eco-friendly ship technology, is set to shape the future energy ecosystem" SEOUL, South Korea, Sept. 12 - HD Hyundai will showcase the future of decarbonization and digital technologies at Gastech, the world's largest gas exhibition.   HD Hyundai has announced that it will participate in Gastech 2024, taking place in Houston, USA, from September 17 to 20. The event is expected to host around 800 companies worldwide and attract over 50,000 global attendees. HD Hyundai will be represented by Vice Chairman Chung Kisun, along with senior executives and employees from sales, research and development, and engineering. They plan to showcase eco-friendly technologies to global companies, including shipowners and classification societies, and discuss development strategies for the shipbuilding and maritime industries.   Additionally, the exhibition will feature a comprehensive booth including HD Korea Shipbuilding & Offshore Engineering, HD Hyundai Heavy Industries, HD Hyundai Mipo, HD Hyundai Samho, HD Hyundai Marine Solution, and HD Hyundai Electric. The booth will showcase HD Hyundai's eco-friendly ship models, including a next-generation LNG carrier, an FSRU, and a liquefied carbon dioxide carrier.   During the event, HD Hyundai will carry out a total of 16 technical certification acquisitions and technical cooperation MOU signings with global classification societies and companies. The company will particularly showcase its advanced technologies in the digital transformation and decarbonization of gas carriers.   HD Hyundai will receive an Approval in Principle (AIP) from DNV, the Norwegian classification society, for its cloud-based digital twin virtual sea trial verification technology for LNG carriers. This technology enables objective vessel verification through virtual sea trials by integrating and connecting digital twin models of key systems—such as the engine, power, and gas systems—of LNG carriers on the cloud.   From the American Bureau of Shipping (ABS), HD Hyundai will receive an AIP for its unmanned engine room design and safety monitoring solution for ammonia-powered ships. This design and solution are expected to enhance crew safety.   Furthermore, HD Hyundai will receive several AIPs for eco-friendly bunkering vessels. The company will obtain an AIP from Lloyd's Register (LR) for the development of a 23,000m3 ammonia bunkering vessel, and from the Korean Register (KR) for the development of an 18,000 m3 LNG bunkering vessel. HD Hyundai will also sign an MOU with KR for joint development of ammonia fuel supply system.   HD Hyundai Marine Solution will also receive an AIP from DNV for the retrofit of Onboard carbon capture and storage (OCCS) systems for vessels. This certification allows the company to expand its business scope by adding OCCS retrofits to its existing eco-friendly retrofit projects.   Moreover, on the first day of the event, September 17, HD Hyundai will host a technical seminar to present trends in gas carriers, the current status of electric propulsion systems, and the roadmap for vessel digitalization to shipowners, classification societies, and other stakeholders. On September 18 and 19, in addition to the previously scheduled client meetings, the 'HD RECEPTION' event will be held, providing an opportunity for visiting clients to freely exchange ideas about HD Hyundai's next-generation eco-friendly ships.   "HD Hyundai possesses leading-edge technology in the decarbonization and digital transformation of vessels," said an official of HD Hyundai. "We will continue to invest and develop technology to contribute to the creation of a sustainable future energy ecosystem."  

▶ HD Hydrogen invests 72 million euros to acquire Convion, a leading fuel cell company in Finland ▶ Plans to develop SOFC·SOEC and other key technologies to compete in the global hydrogen fuel cell market ▶ "Will lead the future green shipbuilding industry with the world’s best clean energy technologies" HD Korea Shipbuilding & Offshore Engineering will be making a foray into the hydrogen fuel cell market which is gaining global attention as a next generation clean energy source.   HD Korea Shipbuilding & Offshore Engineering, HD Hyundai's holding company for its shipbuilding and offshore division, shared today that its subsidiary HD Hydrogen recently acquired a majority of the shares of 'Convion', a leading company in fuel cell systems, at 72 million euros.  Convion, established in 2012 and located in Helsinki, Finland, is a company specializing in SOFC (Solid Oxide Fuel Cell)* and SOEC (Solid Oxide Electrolyzer Cell)**. It is one of the few companies in the world that have developed the technology for commercial SOFC generation systems and have supplied it to the market. SOFC and SOEC are key technologies for hydrogen energy, considered a next generation clean energy. Being activated in high temperatures, they require complex technical skills and a long development process. Developing and obtaining these core technologies will thus bring a preemptive effect when entering the market. Global market prospects are also bright. According to the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA), the hydrogen fuel cell and water electrolysis market is expected to expand from KRW 2.5 trillion in 2023 to KRW 17 trillion in 2030, with an average annual growth rate of 30%, driven mainly by onshore power generation. In particular, the market size is expected to reach KRW 55 trillion in 2040 when the application of marine hydrogen fuel cells are in full swing and water electrolysis technology is commercialized.  HD Korea Shipbuilding & Offshore Engineering plans to lead the market with a two-track strategy. HD Hydrogen will oversee the entire fuel cell business while leading the power generation and marine businesses in Korea, and Convion will continue to develop core fuel cell technologies while driving businesses in Europe. HD Korea Shipbuilding & Marine Engineering recently invested KRW 140 billion to establish HD Hydrogen with the goal to efficiently promote its hydrogen fuel cell businesses.  A representative of HD Korea Shipbuilding & Offshore Engineering said "Along with hydrogen fuel cell and water electrolysis technologies, HD Hyundai is also focusing on developing future energy sources such as small modular reactors (SMRs). With technologies to develop the world's cleanest energy sources, we plan to become the front runner in the future green shipbuilding industry." Meanwhile, HD Korea Shipbuilding & Offshore Engineering signed a 45 million euro investment contract last October with a leading fuel cell company Elcogen AS, to advance the large-scale SOFC system. ■ Explanation of Terms *Solid Oxide Fuel Cell (SOFC): Fuel cells that use solid oxides such as ceramic as electrolytes **Solid Oxide Electrolyzer Cell (SOEC): A technology that produces hydrogen by electrolyzing water vapor at high temperatures

A 170,000m3 LNG-FSRU constructed by HD Hyundai Heavy Industries and delivered in 2020 ▶ Concluded the first-ever $30 million contract to retrofit an LNG-FSU for a European shipping company since the company’s establishment ▶ Converting a 2004-built LNG carrier into an offshore LNG terminal that is scheduled for delivery in the first half of 2025 ▶ Recognized as a key alternative for LNG imports through maritime routes, particularly in European countries due to its feasibility of installation and operation within a year ▶ Expecting large-scale orders in the second half of the year through the expansion of the eco-friendly gas solutions retrofit portfolio Seoul, South Korea – August 11, 2024 - HD Hyundai Marine Solution, a comprehensive marine solutions provider under HD Hyundai, has secured its first retrofit project for an LNG Floating Storate Unit(LNG-FSU) since its establishment in 2016. On August 11, HD Hyundai Marine Solution announced that it has signed a $30 million retrofit contract for an LNG-FSU with a European shipping company. Under this contract, HD Hyundai Marine Solution will retrofit a 138,000m3 LNG carrier, built in Spain in 2004, into an LNG-FSU. The project will use a turnkey approach, with HD Hyundai Marine Solution managing the entire process, including design, procurement, manufacturing, transportation, installation, and commissioning, to maximize profitability. The retrofit is planned to be completed by the first half of 2025. The converted LNG-FSU will be installed in Central America and will supply LNG to a nearby thermal power plant. An LNG-FSU operates as a type of offshore LNG terminal that stays in a specific location at sea for extended periods, receiving and storing LNG periodically, and delivering it to onshore power plants and storage facilities as needed. This retrofit business is advantageous as it recycles aging LNG carriers and offers an economical and eco-friendly solution by being relocatable according to demand. Additionally, unlike traditional onshore and offshore LNG plants that typically take over 3-4 years to build, LNG-FSU retrofits can be installed and operational within as little as one year. This makes them an attractive alternative for LNG imports via sea, particularly in Europe following the Russia-Ukraine conflict. “The LNG-FSU retrofit project is one of the most challenging projects due to the lack of standardized designs and the high level of technical expertise required,” said an official of HD Hyundai Marine Solution. “Based on our accumulated experience and capabilities from various retrofit projects, we plan to expand our market share in the eco-friendly vessel retrofit sector.” Meanwhile, HD Hyundai Marine Solution plans to use this LNG-FSU retrofit contract as a stepping stone to secure large-scale orders in the second half of the year in the field of eco-friendly gas solutions retrofit, such as retrofitting LNG Floating Storage Re-gasification Unit (LNG-FSRU) and dual-fuel engines for LNG, LPG, and methanol.