Cryos, a company specializing in ultra-low temperature special gas tanks, announced on the 11th that it had been officially selected as a preliminary hydrogen specialized company jointly hosted by the Ministry of Trade, Industry and Energy and the city of Busan.
Daechang Solutions subsidiary Cryos was selected as a prospective hydrogen specialist company in recognition of its top-level domestic technology in the field of liquid hydrogen tanks, and with this selection, it will be able to receive support from Busan City in the fields of technology commercialization, market development, and education in the hydrogen field. In addition, Cryos's business orders, including those in the liquid hydrogen field, are expected to reach approximately KRW 50 billion in the second half of 2025.
Busan City announced that after being designated as the implementing agency for the Ministry of Trade, Industry and Energy's 'Preliminary Hydrogen Specialized Company Support Project' in March, it plans to invest a total of KRW 1.6 billion (including KRW 900 million in national funds) over the next two years to intensively foster local hydrogen companies, and that it will strengthen the local hydrogen industry ecosystem by converting three out of the ten preliminary hydrogen specialized companies selected by the city into hydrogen specialized companies designated by the Ministry of Trade, Industry and Energy.
Hydrogen specialized companies designated by the Ministry of Trade, Industry and Energy must meet certain requirements in terms of the proportion of hydrogen-related sales or R&D investment compared to total sales according to the 'Act on Promotion of Hydrogen Economy and Hydrogen Safety Management (Hydrogen Act)', and their technological prowess and growth potential are verified through quantitative and qualitative evaluations by experts.
Kim Dae-sung, CEO of Cryos, said, “This selection as a prospective hydrogen specialized company is the result of external recognition of Cryos’ technological prowess and growth potential,” and added, “Next year, we will strengthen our hydrogen business capabilities to meet the requirements and aim to transition to a hydrogen specialized company designated by the Ministry of Trade, Industry and Energy, which requires stricter standards.”
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