- By 2024-2025 700 hydrogen fuel cell buses and 13 Hydrogen Stations
At Incheon City Hall on the 30th of March, the Ministry of Trade, Industry and Energy signed a business agreement with Incheon City, SK E&S, and Plug Power to attract foreign investment to the hydrogen sector and promote hydrogen public transportation.
According to the investment plan for the joint venture, the joint venture is expected to attract the largest foreign investment ever in the hydrogen sector. The project will help create new jobs in the field and localize technology. However, no amount of the investment has been disclosed.
Plug Power and SK E&S have created a joint venture called “HALO Hydrogen” to develop a hydrogen ecosystem in South Korea. By leveraging Plug Power’s expertise in operating and distributing liquefied hydrogen charging stations, the joint venture will supply liquefied hydrogen to more than 100 charging stations in South Korea.
Business agreement related to hydrogen public transportation vitalization
By 2024, the City of Incheon plans to replace 700 of the city’s 2,000 buses with hydrogen buses, and by 2030 all city buses will be hydrogen buses, and by 2025, 13 liquefied hydrogen refueling stations will be in place for city buses.
Accordingly, the Ministry of Trade, Industry and Energy signed business agreements with Incheon City, the Ministry of Environment, SK E&S, PlugPower, and Hyundai Motor Company.
“With this agreement as an opportunity, the Ministry of Trade, Industry and Energy will provide policy support measures such as R & D and expansion of government-supported projects to vitalize hydrogen public transportation in the future , and the Ministry of Environment will provide administrative and financial support for hydrogen bus replacement and construction of hydrogen charging stations , etc. We are also planning to actively promote the level of support.”
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