China Classification Society (CCS) has granted the first approval in principle (AiP) for ammonia and methanol
valves in South Korea.

As explained, the AiP certificate was issued by Busan Branch of CCS. The approval was granted for engineering
firm PK Valve & Engineering from South Korea.

General Manager Tao Xin said that the first AiP certificate of CCS in South Korea is the finishing touch of
previous successful cooperation between CCS and PK Valve & Engineering, and also a new starting point for
future close cooperation between the two sides.

PK Valve & Engineering's president Jeon Youngchan also welcomed the cooperation and expressed greater
expectations for future cooperation.

Methanol is a liquid fuel at ambient temperature and pressure, which makes it easier to use than other alternative
fuels that require cooling or pressurization. It can be used in existing diesel engines, making the conversion
process much less expensive than other alternative fuels.

It is estimated that methanol fuel can reduce sulfur oxide (SOx) emissions by up to 99%, particulate matter (PM)
emissions by up to 95%, nitrogen oxide (NOx) emissions by up to 80%, and carbon dioxide (CO2) emissions by
up to 15% in comparison to burning conventional marine fuel.

Meanwhile, the South Korean company has recently completed a verification demonstration of liquefied
hydrogen valves. The demonstration was witnessed by 11 hydrogen-related companies, including Hyundai
Rotem, Korea Gas Safety Corporation, SK Eco Engineering, Samsung Engineering, S-Tank Engineering,
H2KOREA, Bumhan Industries and others.

The liquefied hydrogen valve developed after more than two years of research is a cryogenic valve used in a
liquefied hydrogen line at -253℃.

In this demonstration, Emergency Shut Down LH2 Globe Valve was shell tested at 29 bar, operation and seat
tested at 12 and 15 bar respectively with helium and got zero leakage and well operability.