ESR to develop South Korea’s first hydrogen-powered fulfilment
Transactions - SEPTEMBER 19, 2022

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ESR to develop South Korea’s first hydrogen-powered fulfilment

by Andrea Zander

ESR Group Limited, through its subsidiary Kendall Square Asset Management, has signed a memorandum of understanding (MOU) with SK Plug Hyverse (SKPH) and Coupang Fulfilment Services (CFS) for the development and operations of South Korea’s first eco-friendly, hydrogen-powered fulfilment center.

ESR, SKPH, a joint venture between Korea's SK E&S and Plug Power, a U.S. provider of hydrogen fuel cell turnkey solutions, and CFS, the subsidiary of one of Korea’s largest ecommerce platforms, will cooperate and develop ESR’s existing Mokcheon Logistics Park into a hydrogen powered fulfilment center. Mokcheon Logistics Park is a 148,000-square-meter (1.6 million-square-foot) modern logistics property located in Chungcheong- do, and is 100 percent leased by CFS. The trio will install liquefied-hydrogen-storage infrastructure and charging stations at the property and will convert the forklifts from conventionally powered into hydrogen-fuel-cell powered.

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