South Korean Government Launches Company to Grow its Hydrogen Fuel Cell Vehicle Infrastructure

By March 11, 2019 < 1   min read  (144 words)

March 11, 2019 |

Fuel cells works, hydrogen, Hydrogen Technologies, south korea

The Ministry of Trade, Industry and Energy yesterday announced that Hydrogen energy Network (HyNet), a special purpose company (SPC) that will lead the construction of hydrogen charging infrastructure, will officially kick off today.

The SPC is composed of 13 companies from Korea and abroad that are engaged in hydrogen-related businesses. These companies include Hyundai and Korea Gas Corp., the largest shareholders. Both of these companies have have invested 135 billion won ($118.7 million) to set up HyNet.

The SPC’s objective is to build 100 hydrogen chargers by 2022 and will use the initial investment of 135 billion won and subsidies from the Ministry of Environment, 1.5 billion won for each station, to build the infrastructure.

Also members of HyNet include, Air Liquide Korea, Woodside Energy, Ecobio Holdings Co., Kolon Industries Inc., and Hyosung Heavy Industries Co.

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