Woodside has invested in the Hydrogen Energy Network (HyNet) consortium that plans to build and operate 100 hydrogen refuelling stations in South Korea, amid growing interest in the fuel in key markets.
The 13-party special purpose consortium is aiming to stimulate demand for use of hydrogen in vehicles with Korean government support for growth in the hydrogen economy. The Korean government is targeting 310 hydrogen refuelling stations across the country by 2022.
Woodside CEO Peter Coleman said the Australian LNG producer was the only non-Korean resources company that was selected to be part of the consortium, which is led by Korea Gas Corporation (KOGAS) and Hyundai Motor Company.
“Through involvement in HyNet, Woodside will gain valuable insight into the demand and potential for hydrogen in Korea as we explore longer-term opportunities to produce and export hydrogen on a commercial scale.
“While this is a small investment for Woodside, it gives us an opportunity to gain an early foothold in this emerging market and build our knowledge and relationships,” he said.
This exposure to the market for hydrogen as a transport fuel will complement Woodside’s support of hydrogen research through two Memorandums of Understanding signed in 2018 with KOGAS and Pusan National University.