Eco-friendly energy specialist Deokyang Energy (Co-CEOs Kim Ki-cheol and Park Joo-dong) announced on the 4th that it had submitted a preliminary application for listing on the KOSDAQ to the Korea Exchange. Mirae Asset Securities and NH Investment & Securities are jointly underwriting the listing.
Deokyang Energy's core business is converting and producing high-purity industrial hydrogen by highly refining byproduct hydrogen generated during petrochemical processes. The company possesses the equipment and technologies necessary for high-purity hydrogen production, including pressure-switched adsorption (PSA), deoxo, and dry process (DRY). Based on these technologies, the company supplies hydrogen to industries such as semiconductors, petrochemicals, and fuel cells.
High-purity hydrogen purification processes require high technical complexity, creating barriers to entry into the relevant market. Deokyang Energygen is recognized as a competitive player in this field. Currently, the company supplies high-purity hydrogen through its production facilities in Yeosu, South Jeolla Province, and Gunsan, North Jeolla Province, and has secured clients across a diverse range of industries.
In 2023, the company was designated as a hydrogen specialist by the Ministry of Trade, Industry and Energy. In partnership with Far East Petrochemical, the company is currently constructing a commercial hydrogen plant in the Onsan National Industrial Complex in Ulsan. The plant is expected to have a hydrogen production capacity of 92,000 N㎥ per hour, and the hydrogen produced will primarily be supplied to S-Oil's Shaheen Project.
Additionally, Deokyang Energy is pursuing various new businesses, including hydrogen mobility, expansion of hydrogen infrastructure for fuel cells, clean hydrogen distribution, and establishment of regional hydrogen clusters.
A company official stated, “We are pursuing an IPO to secure funds for facility investment to address the growing demand for hydrogen within the industry,” adding, “We plan to expand our role as a key infrastructure provider in line with the trend toward carbon neutrality and the revitalization of the hydrogen economy.”
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