Clean Hydrogen

Asset manager Macquarie is reportedly preparing to divest its South Korean hydrogen producer Approtium (formerly Deokyang), which currently supplies ~100,000 tonnes of hydrogen annually. The move comes as multiple buyers show interest, highlighting shifting dynamics in clean hydrogen markets and capital allocation in Asia’s hydrogen landscape.

Approtium’s Profile & Why the Divestment Matters

Approtium (formerly Deokyang), acquired by Macquarie in 2021 for approximately $570 million, has seen its revenue double to approximately ₩433.4 billion (~USD 310 million) in 2024. The company produces hydrogen mainly via conventional methane reforming, supplemented by byproduct hydrogen from petrochemical operations, and operates a network that includes ~60 km of pipelines and a 250-unit trailer fleet.

The divestment is being managed via an advisor selection process, with multiple parties already expressing interest. In parallel, Macquarie has struck deals in the industrial gas space — for example, the sale of DIG Airgas to Air Liquide — potentially indicating a portfolio reallocation within the clean energy/gas domain. Given South Korea’s growing ambitions in clean hydrogen (including co-firing coal + hydrogen, infrastructure deployment, and incentives), the timing and buyer will send strong signals about future capital flow and strategic direction in the Asian hydrogen market.

Asset management firm Macquarie is reportedly looking to sell South Korean hydrogen producer Approtium, following the securing of a buyer for an industrial gas portfolio company. According to the Korean newspaper Chosun Biz, Macquarie has begun selecting an advisor for the sale, with “multiple potential buyers” already showing interest.

Approtium, formerly known as Deokyang, produces around 100,000 tonnes of hydrogen annually, making it one of South Korea’s largest suppliers to the refining, petrochemicals, and semiconductor industries. Most of its production comes from unabated methane reforming, supplemented by byproduct hydrogen from petrochemical processes, with plans to expand clean hydrogen production, as well as ammonia imports . The Ulsan-headquartered firm also operates 60km of hydrogen pipelines, as well as a 250-strong tube trailer fleet.

Macquarie acquired Deokyang in 2021 for approximately $570 million, before renaming it Approtium in 2022. Since then, the business’s revenue has doubled to KW433.4 billion ($310 million) by the end of 2024. Last month, A ir Liquide inked a binding agreement to buy South Korean industrial gas firm DIG Airgas from Macquarie’s Asia-Pacific Infrastructure Fund 2 for KW4.6 trillion ($3.3bn). South Korea is viewed as an early market for clean hydrogen, with the Hydrogen Council estimating $6 billion of committed investments across Japan and Korea. While around half of post-final-investment-decision projects are focused on transport and infrastructure, Seoul is also eyeing hydrogen for co-firing in its coal power fleet.