Korea Gas Corporation signs MoU

TULSA, Okla., Aug. 08, 2022 (GLOBE NEWSWIRE) — Matrix Services Company (Nasdaq: MTRX) today announced the signing of a Memorandum of Understanding (“MoU”) with Korea Gas Corporation (“KOGAS”) to support South Korea’s development of a hydrogen economy as it transforms from a natural gas supplier to a hydrogen supplier. platform operator. The signing took place in Seoul in the presence of officials from both companies.

The MoU provides the framework for the development of new technology to support large-scale liquid hydrogen storage onshore to support South Korea’s plans to achieve carbon neutrality by 2050. he agreement also supports the development of solutions that will enable the transport of larger volumes of hydrogen by ship.

“Hydrogen is critical to achieving our country’s net zero carbon goals, and KOGAS is pleased to play a leading role in creating a solid foundation for that,” said Hee-Bong Chae, Chairman and CEO of KOGAS. “We are proactively pursuing the development of new technologies and infrastructure for hydrogen transport, storage and distribution to meet medium to long-term demands, and we look forward to working with Matrix Service Company to achieve 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 over 70 years.

John R. Hewitt, President and CEO of Matrix Service Company, said, “As the world transitions to clean energy, KOGAS is playing a leading role in becoming a showcase hydrogen company. We are honored to have been selected by KOGAS to help them develop the technology solutions needed to meet these land and sea transportation requirements.

About Matrix Service Company

Matrix Service Company (Nasdaq: MTRX), through its subsidiaries, is one of North America’s leading industrial engineering, construction and maintenance contractors. South Korea.

The Company reports financial results in three key operating segments: Utilities and Power Infrastructure, Industrial Process and Facilities, and Storage and Terminal Solutions.

By focusing on sustainability, creating strong environmental, social and governance (ESG) practices and living our core values, Matrix is ​​ranked among the top contractors by Engineering-News Record, has been recognized for the diversification of its Board of Directors, is an active CEO Action for Diversity and Inclusion signatory, and is recognized as a Great Place to Work®. To learn more about Matrix Service Company, visit www.matrixservicecompany.com and read our first sustainability report.

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KOGAS has been supplying natural gas safely and reliably for 39 years to improve the living comfort of citizens and play a key role in the transition to environmentally friendly energy. The company, as Korea’s representative global energy company, is currently engaged in 23 overseas projects from upstream to downstream. KOGAS will now lead the global energy industry to a new horizon to become the global standard for energy companies beyond Korea as the paradigm shifts towards environmentally friendly energy. For more information about KOGAS, please visit www.kogas.or.kr.

This release contains forward-looking statements that are made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are generally accompanied by words such as “anticipate”, “continue”, “expect “, ” provide “. “, “outlook”, “believe”, “estimate”, “should” and “will” and words of similar effect which convey future meaning, relating to the operations of the Company, economic performance and the best judgment of the direction as to what might happen in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. Actual results for current and future periods and other business developments will depend on a number of economic, competitive and other influences, including the factors discussed in the “Risk Factors” and “Forward-Looking Statements” sections. and elsewhere in reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the Company’s control, and any one of them, or a combination thereof, could have a material and adverse effect on the Company’s results of operations and financial condition. . We assume no obligation to update the information contained in this press release.

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