Hyundai, SK, POSCO & Hyosung to Launch Hydrogen Body in Korea
South Korean media reported that leaders of four South Korean conglomerates Hyundai Motor Group Chairman Mr Chung Euisun, SK Group Chairman Mr Chey
South Korean media reported that leaders of four South Korean conglomerates Hyundai Motor Group Chairman Mr Chung Euisun, SK Group Chairman Mr Chey Tae-won, Posco Group Chairman Mr Choi Jeong-woo and Hyosung Group Chairman Mr Cho Hyun-joon met at a Hyundai Motor’s R&D and have agreed to launch a CEO level consultation body for the local hydrogen economy and forge a corporate alliance of hydrogen business players. The consultation bodywill encourage corporate investments and expand the hydrogen industry's value chain. Hyundai Motor Group, SK Group and Posco Group will serve as co-chairs of this new consultative body. Envisioned to be a Korean version of the Hydrogen Council, the body would recruit more participant companies before its official launch in September. It plans to finalize its members by July and appoint the chief representative for the September foundation.
The four conglomerates are major firms here that have been investing resources in the local hydrogen industry. They announced in March that they plan to invest KWR 43 trillion (USD 38 billion) in building a wide range of hydrogen infrastructure, such as production and storage of hydrogen by 2030.
Hyundai Motor Group succeeded in mass production of the world’s first hydrogen fuel-cell electric vehicle in 2013. The group plans to annually produce 0.5 million hydrogen fuel-cell electric vehicles and 0.7 million hydrogen-based fuel cell system. Hyundai Motor Group has said it will inject 11.1 trillion won for the research and development projects linked to hydrogen cars, while installing more charging stations. Hyundai Motor Group has said it will inject KWR 11.1 trillion won for the research and development projects linked to hydrogen cars, while installing more charging stations.
SK Group last year created an in-house unit dedicated to hydrogen business projects. SK Innovation Co plans to invest KWR 18.5 trillion to establish facilities that can create up to 30,000 tons of hydrogen annually by 2025 from 30,000 tonnes in 2023.
Posco too aims to expand its annual hydrogen production capacity to 5 million tonnes by 2050, while achieving KWR 30 trillion in annual sales by then. POSCO has said it will spend KWR 10 trillion to venture into methods to harness hydrogen instead of coal during its production of steel.
Hyosung Group will secure facilities in Ulsan, which can annually produce 13,000 tonnes of liquefied hydrogen, while building hydrogen stations in 30 regions across the country.