Companies in South Korea are stepping up their efforts to further a hydrogen economy and increase capacity while aiming at its 2050 carbon neutrality goal. These are some of the latest news shaping the South Korean Hydrogen Industry.
Major energy South Korean conglomerate SK Group said it plans to invest 18.5 trillion won ($16.5 billion) over the next five years to establish a domestic hydrogen energy industry.
SK’s strategy to create a domestic hydrogen ecosystem is largely carried out in two stages. In the first phase, SK will supply 30,000 tons of liquid hydrogen, the world’s largest by-product hydrogen.
In addition, the company is planning to become the world’s No. 1 eco-friendly hydrogen company by additionally producing 250,000 tons of clean hydrogen (carbon free) in the vicinity of the Boryeong LNG terminal.
In January 2019, the South Korea government announced the Hydrogen Economy Roadmap through 2040, with ambitious goals, including: over 5MM tons of hydrogen per year, over 6MM fuel cell EVs, 1,200 refilling stations and 15 GW of fuel cell power generation, and expects the cumulative economic value of its hydrogen economy to reach ~$40 billion by 2040.
Plug Power Inc. and SK Group announced the completion of the $1.6 billion capital investment to partner in accelerating hydrogen as an alternative energy source in Asian markets.
Another South Korean company, GS Energy, agreed with ADNOC to explore opportunities to grow Abu Dhabi’s hydrogen economy and carrier fuel export position.
And regarding mobility, South Korea’s Hyundai Heavy Industries Holdings Co. and Saudi Aramco have agreed to launch a hydrogen partnership in a step toward building a greener business model. Hyundai Heavy and Aramco will set up a series of business initiatives using hydrogen and ammonia, a compound of hydrogen and nitrogen that can be combusted without carbon dioxide emission, and jointly conduct relevant research in the area.
These are only some of the latest announcements that come from South Korea, a highly developed mixed economy, that seems to be making great advancements to capitalize on the Hydrogen Economy.
