Posted on 09 Jan 2024
Bulgaria’s Balkan Hydrogen Cluster and GIG SA from South Korea have signed a memorandum of cooperation in the field of green hydrogen, Kallanish notes.
This follows on from the visit of Balkan Hydrogen Cluster representatives to the European Parliament last summer, including chairman Petar Hristov as the main speaker at the "Renew Europe" event.
South Korea has proposed to Bulgaria that the two countries sign an agreement on bilateral trade and investment promotion, says the Ministry of Commerce in Seoul.
South Korean trade minister Ahn Dukgyun proposed this to Bulgarian economy and industry minister Bogdan Bogdanov, who was visiting Seoul in December. The Trade and Investment Promotion Scheme (TIPF) is a non-binding agreement that calls for strengthening economic ties and facilitating mutual exchanges.
During his meeting with Bogdanov, Ahn called for the improvement of bilateral cooperation on supply chains in the main sectors of industry and in other important sectors such as nuclear energy and hydrogen production.
Earlier, Bulgaria received financing from the European Commission for its first hydrogen valley, one of the eight being planned in Europe. The Commission will fund half of the BGN 32 million ($17.8m) Zahir project in Stara Zagora and will be part of the large hydrogen valley in the Starozagorsk region.
Belgium’s ABEE intends to invest over €1 billion in three large-scale projects in Stara Zagora, Burgas and Plovdiv. In Stara Zagora, it plans to build a factory for next-generation automotive batteries.
In 2023, Bulgaria announced plans to invest BGN 2 billion in the production, distribution and use of green hydrogen.
Bulgaria’s state hydrogen strategy relies on green energy and is set to be introduced by 2030. The country estimates it will use around 47 gigawatt-hours of renewable power to produce green hydrogen. The government has yet to disclose its production targets for green hydrogen and its derivatives.
Source:Kallanish
