South Korea – hydrogen council creates fund for hydrogen industry.
The Korea H2 Business Summit, a hydrogen council established primarily by major companies such as Hyundai Motor, SK and POSCO, set up a fund to promote the hydrogen industry.
The fund worth 500 billion won (US$383 million) will be established via investments from domestic member companies and foreign investors and is expected to be liquidated after 10 years of operation.
Brokerage firm Mirae Asset Securities Co., the parent fund manager, plans to recruit investors by the end of this year with its partner Stonepeak and the investment company Noh & Partners.
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The hydrogen fund will establish domestic and overseas hydrogen production, distribution and storage infrastructure and make investments to develop core hydrogen technology.
Bahn Sang-woo, a managing director of Mirae Asset Securities, said:
The fund set the yield rate target at 8 percent, with 70 percent of the fund used for the establishment of infrastructure and 30 percent for technology investment.
Choi Yong-ho, a partner at Deloitte Consulting which acts as a secretariat office for the summit, said:
Hydrogen will account for about 33 percent of energy use in South Korea by 2050, higher than the global average of 10 percent.
“This indicates that South Korea is expected to become one of the countries that uses hydrogen the most.”
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S. Korean Hydrogen Council Creates Fund for Hydrogen Industry, Seoul, July 7, 2022
