ENOGIA: ENOGIA selected to equip Ulsan Hydrogen Fuel Cell Park with cutting-edge heat recovery technology

ENOGIA selected to equip Ulsan Hydrogen Fuel Cell Park with cutting-edge heat recovery technology

Marseille, 19 December 2024 – 6 p.m.

ENOGIA (code ISIN : FR0014004974 – mnémonique : ALENO), an expert in heat-to-electricity conversion systems, is proud to announce its selection to supply 10 Organic Rankine Cycle (ORC) modules for a major hydrogen fuel cell project in Ulsan, South Korea. The project, developed in collaboration with Lo-C Energy Co., Ltd., ENOGIA’s distributor in South Korea, and the Ulsan Eco Industry Development Center (UEID), is a significant milestone in ENOGIA’s global expansion and will contribute significantly to the company’s guidance of >50% revenue growth in 2025 vs 2024.

This project will equip the Ulsan Hydrogen Fuel Cell Park, located at the LOTTE Chemical Ulsan Plant, with ENOGIA’s advanced ORC technology, providing total installed capacity of 1.8 MW. The hydrogen fuel cell park will feature 40 MW of hydrogen fuel cell power under construction, with expected total capacity of 60 MW. ENOGIA’s ORC systems will transform waste heat from the fuel cells into clean, cost-effective baseload electricity, powering the industrial operations of LOTTE Chemical while advancing energy efficiency and sustainability goals.

The project is expected to be executed across 2025 and 2026, underscoring ENOGIA’s role in delivering advanced, efficient and scalable energy solutions in a rapidly growing market for industrial waste heat recovery.

Arthur Leroux, Chairman and CEO of ENOGIA, said : « We are honored to be part of this landmark project in Ulsan. Our ORC technology is at the forefront of waste heat recovery solutions, enabling cleaner and more efficient industrial processes. This contract highlights ENOGIA's role as a global expert in the energy transition and demonstrates the value of our solutions in transforming waste into energy. »

Dr. Yong-Joon Jeon, President of Lo-C Energy Co., Ltd., expressed his confidence : « The collaboration with ENOGIA strengthens Korea’s position in the global energy transition. Their ORC modules represent cutting-edge innovation, perfectly aligning with the goals of the Ulsan Hydrogen Fuel Cell Park to drive sustainable and cost-effective energy solutions. »

The President of the Ulsan Eco Industry Development Center (UEID) commented : « This project demonstrates Ulsan’s leadership in sustainable industrial innovation. By integrating ENOGIA’s technology, we are setting an example of how waste heat recovery can contribute to cleaner energy production and greater industrial efficiency. We look forward to the project’s success and its positive impact on our region.»

The Ulsan Hydrogen Fuel Cell Park is part of South Korea’s green energy strategy, featuring a 40 MW hydrogen fuel cell system under construction, which will expand to expected total capacity of 60 MW. This state-of-the-art facility will produce approximately 240,000 MWh of eco-friendly electricity annually - enough to power 60,000 households - highlighting its significant contribution to the region’s energy transition.

This international contract, secured through a competitive bidding process, demonstrates the relevance of ENOGIA’s small and modular ORC technology for industrial waste heat recovery and conversion into electricity. It is also a testament to the success of ENOGIA’s new “topline” growth pillar, driven by a better selection of strategic markets, focused marketing efforts and the increased reach of its distributed sales network.

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