Korea Gas Corporation signs Memorandum of Understanding with Matrix Service Company to Support Development of the Hydrogen Economy in South Korea
August 08 2022 - 4:00AM
Matrix Service Company (Nasdaq: MTRX)
announced today that it has signed a memorandum of understanding
(“MoU”) with Korea Gas Corporation (“KOGAS”) to support South
Korea’s development of a hydrogen economy as it transforms itself
from a natural gas supplier to a hydrogen platform operator. The
signing took place in Seoul with officials from both companies in
attendance.
The MoU provides the framework for the development of new
technology to support onshore large-scale liquid hydrogen storage
to support South Korea’s plans to achieve carbon neutrality by
2050. The agreement also supports development of solutions that
will allow transportation of greater volumes of hydrogen by
transport ship.
"Hydrogen is key to achieving our country’s net-zero carbon
objectives, and KOGAS is happy to take a leading role in creating a
solid foundation for this,” said Hee-Bong Chae, President and CEO
of KOGAS. “We are proactively pursuing the development of new
technologies and infrastructure for hydrogen shipping, storage, and
distribution to meet mid- and long-term demands, and look forward
to working with Matrix Service Company in achieving this
reality."
Matrix Service Company has a reputation for excellence in
cryogenic storage tanks and terminals and, through its engineering
division, enjoys a history that spans more than 70 years.
Said John R. Hewitt, President and CEO of Matrix Service
Company, “As the world transitions to clean energy, KOGAS is taking
a leadership role in becoming a showcase company for hydrogen. We
are honored to have been selected by KOGAS to help them develop the
technology solutions needed to meet these onshore and ship
transport requirements.”
About Matrix Service
Company
Matrix Service Company (Nasdaq: MTRX), through its subsidiaries,
is a leading North American industrial engineering, construction,
and maintenance contractor headquartered in Tulsa, Oklahoma with
offices located throughout the United States and Canada, as well as
Sydney, Australia and Seoul, South Korea.
The Company reports its financial results in three key operating
segments: Utility and Power Infrastructure, Process and Industrial
Facilities, and Storage and Terminal Solutions.
With a focus on sustainability, building strong Environment,
Social and Governance (ESG) practices, and living our core values,
Matrix ranks among the Top Contractors by Engineering-News Record,
has been recognized for its Board diversification, is an active
signatory to CEO Action for Diversity and Inclusion, and is
recognized as a Great Place to Work®. To learn more about Matrix
Service Company, visit www.matrixservicecompany.com and read our
inaugural Sustainability Report.
For more information about Matrix, please
contact:
Kevin S. Cavanah |
Kellie Smythe |
Matrix Service Company |
Matrix Service Company |
Vice President and CFO |
Senior Director, Investor Relations |
T: 918-838-8822 |
T: 918-359-8267 |
Email: ir@matrixservicecompany.com |
Email: ksmythe@matrixservicecompany.com |
About KOGASKOGAS has been supplying
natural gas safely and reliably for 39 years to improve convenience
in the lives of citizens and playing a key role in the transition
to eco-friendly energy. The company, as Korea's
representative global energy company, is currently engaged in 23
overseas projects from upstream sector to the downstream
sector. KOGAS will now lead the world energy industry to
a new horizon to become the global standard for energy enterprise
beyond Korea as the paradigm shifts
towards eco-friendly energy. For more information
about KOGAS, please visit www.kogas.or.kr.
This release contains forward-looking statements that are made
in reliance upon the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
generally accompanied by words such as “anticipate,” “continues,”
“expect,” “forecast,” “outlook,” “believe,” “estimate,” “should”
and “will” and words of similar effect that convey future meaning,
concerning the Company’s operations, economic performance and
management’s best judgment as to what may occur in the future.
Future events involve risks and uncertainties that may cause actual
results to differ materially from those we currently anticipate.
The actual results for the current and future periods and other
corporate developments will depend upon a number of economic,
competitive and other influences, including those factors discussed
in the “Risk Factors” and “Forward Looking Statements” sections and
elsewhere in the Company’s reports and filings made from time to
time with the Securities and Exchange Commission. Many of these
risks and uncertainties are beyond the control of the Company, and
any one of which, or a combination of which, could materially and
adversely affect the results of the Company's operations and its
financial condition. We undertake no obligation to update
information contained in this release.
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