Hyundai Motor Group, SK, and POSCO to Increase Hydrogen Investments

By July 7, 2022 2   min read  (267 words)

July 7, 2022 |

Fuel Cells Works, Hyundai Motor Group, SK, and POSCO to Increase Hydrogen Investments

The Ministry of Trade, Industry and Energy announced on July 6 that the 17 member companies of the Korea H2 Business Summit have increased their planned investment in the hydrogen industry by 2030 by more than 7 trillion won to over 50 trillion won. According to the ministry, this is because the revised Economic Promotion and Safety Control of Hydrogen Act is scheduled to take effect within this year to eliminate uncertainties to a large extent.

Last year, the member companies pledged to invest a total of 43 trillion won in their hydrogen projects by 2030. This year, they increased their planned investments by more than 7 trillion won.

At the summit’s 2022 Investor Day event that day, Hyundai Motor Group said that it is making various efforts to utilize hydrogen fuel cells in ships and aircraft. The member of the summit is currently leading the global hydrogen electric vehicle market. It started developing hydrogen fuel cells in 1998 and has developed passenger cars, buses and trucks using hydrogen as their fuel.

“We are expanding our hydrogen business mainly in Australia, the Middle East and Asia,” POSCO said at the event, adding, “Although some uncertainties still remain in our decision-making process, there is no doubt that hydrogen is essential for a green and sustainable future.”

SK Group also said that it would produce 250,000 tons of clean hydrogen a year in South Korea starting from 2025. “A large demand is required for the price of hydrogen as a fuel to fall and government assistance is needed to that end,” it pointed out.

SOURCE: BusinessKorea

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