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Deokyang Energen announced its growth strategy prior to its KOSDAQ debut, planning to enter the eco-friendly hydrogen sector and participate in the Shaheen Project led by S-Oil. The Shaheen Project focuses on producing petrochemical products directly from crude oil using the TC2C process, which bypasses traditional refining to lower production costs.

Deokyang Energen was appointed as the hydrogen supplier for this project in May 2023 and is constructing a plant in Ulsan, aiming for operational readiness by year-end. The company currently operates facilities in Gunsan and Yeosu and seeks to establish a nationwide hydrogen supply network.

Deokyang Energen also aims to produce clean hydrogen from renewable energy sources and intends to leverage ammonia for more efficient production. The company plans to list 7.5 million shares at a price range of 8,500 to 10,000 won, aiming for a market capitalization between 63.7 billion and 75 billion won.