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S. Korea’s Companies to Invest 43 Trillion Won (US $38.3B) in Hydrogen Economy by 2030

By March 3, 2021 3   min read  (426 words)

March 3, 2021 |

S. Koreas Companies to Invest 43 Trillion Won 40B in Hydrogen Economy by 2030

At the 3rd meeting of the Hydrogen Economy Committee held at SK Incheon Petrochemical on the 2nd of March 2021, Prime Minister Jeong Sye-gyun said, “It is absolutely necessary to establish a system for collective support for liquefied hydrogen.”

Prime Minister Jung continued, “In particular, investment in liquefied hydrogen is an essential investment to supply cheap hydrogen, which is the basis of the hydrogen economy. The government also established a system to collectively support liquefied hydrogen production, transportation, and utilization. Hydrogen safety standards will also be prepared as soon as possible to resolve uncertainties. In line with the investment in clean hydrogen, we will also improve the related certification system.”

Five groups, including SK and Hyundai Motors, POSCO, Hanwha, and Hyosung, as well as small and medium-sized companies, will invest 43.4 trillion won to build a full-cycle hydrogen ecosystem such as hydrogen production, distribution, storage, and utilization by 2030.

South Korea said it plans to spare no efforts to support the companies, pointing out their projects will serve as a milestone for its green drive.

Specifically, SK will invest 18.500 trillion won to build facilities such as fuel cell power plants, and Hyundai Motor Group will invest 11 trillion 100 billion won to develop hydrogen fuel cell vehicles.

POSCO will invest 10 trillion won to develop the hydrogen reduction system, Hanwha will invest 1.3 trillion won in green hydrogen production, and 1.2 trillion won in Hyosung to build a liquefied hydrogen plant.

The Korea Gas Corporation, which is responsible for the distribution of hydrogen, has set up a plan to induce hydrogen price reduction through joint purchase of hydrogen, and to improve the operating conditions of the charging station by purchasing a hydrogen tube trailer and leasing it to a charging station at a low price.

In addition, for the convenience of hydrogen car users, a system for providing real-time hydrogen charging station operation information (waiting time, operation status, etc.) will be established and service will be launched from the second half of this year.

The Korea Gas Safety Corporation, an agency in charge of hydrogen safety, is planning to establish safety standards for hydrogen products in preparation for the enforcement of the ‘Hydrogen Act’ (February 2022), and to prepare liquefied hydrogen safety standards as soon as possible in line with the supply of liquefied hydrogen production and charging stations. “It is determined to create a safe environment in which the public can use the charging station with confidence by strengthening safety management such as the introduction of a precise safety diagnosis system for hydrogen charging stations and the establishment of a real-time safety monitoring system.”

 

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