Korean giants to invest $38 bn in hydrogen industry

Local media reported that Hyundai Motor, SK Group, POSCO, Hanwha and Hyosung will invest a total of around 43.4 trillion won (US$38 billion) in hydrogen industry in South Korea by 2030. The five companies will work to build a wide range of hydrogen infrastructure, for the production, storage and application of hydrogen.

This includes investments of 18.5 trillion won by SK in fuel cell power plants and other areas, 11.1 trillion won by Hyundai Motor in hydrogen vehicles and other areas; 10 trillion won by POSCO in areas including hydrogen reduction steelmaking, 1.3 trillion won by Hanwha in areas such as green hydrogen production and 1.2 trillion won by Hyosung in hydrogen liquefaction plants and other areas.

During 3rd Hydrogen Economy Committee meeting South Korean Prime Minister Mr Chung Sye-kyun vowed to support the companies, in line with South Korea’s initiative to go carbon neutral by the year 2050.

He said “The South Korean government will do its best to support the companies’ investment plans. Investment in liquefied hydrogen is crucial for the supply of affordable hydrogen. The government will establish a system through which it can support all phases from production and transportation, to application of liquefied hydrogen.