Invest KOREA

According to Pulse by Maeil Business News Korea,

South Korea’s four big business group – Hyundai Motor, SK, Posco and Hyosung – will jointly launch a hydrogen council in September to double down on the state-backed campaign to promote hydrogen economy.

Hyundai Motor Group Chairman Chung Euisun, SK Group Chairman Chey Tae-won, Posco Chairman Choi Jeong-woo and Hyosung Chairman Cho Hyun-joon discussed the arrangement at Hyundai Motor Group’s research and development center in Hwaseong, Gyeonggi Province on Thursday.

The four leaders earlier shared their vision for hydrogen economy and corporate role to push ahead with the establishment of a hydrogen committee in Korea.

During the latest meeting, they have agreed to invite more hydrogen related companies and investors to the council co-headed by representatives of Hyundai Motor Group, SK and Posco.

New members will be invited onboard by July, and the council will likely be formally launched at the first general meeting of CEOs in September.

Through the new hydrogen council, the four groups are planning to hold regular meetings and forums to boost corporate investment in hydrogen and contribute to the establishment of hydrogen society and carbon neutrality.

Each group will do their part to expand hydrogen business.

“With the new council, we’ll keep expanding cooperation with local players on hydrogen business to accelerate spread of hydrogen energy and building of hydrogen society,” said Chung Euisun.

Chey Tae-won also emphasized the corporate role in nurturing the domestic hydrogen industry and vowed efforts to make a leap towards a goal of achieving global leadership.

Hyundai Motor, SK, Posco and Hyosung have been front runners in hydrogen campaign.

Hyundai Motor Group started mass production of hydrogen cars for the first time in the world in 2013 and set up a goal of producing 500,000 units of hydrogen vehicles and 700,000 units of hydrogen fuel cell system per year by 2030.

SK Group launched a hydrogen business committee made up of 20 experts from affiliated units and directly led by the CEO for quick decision making. It aims to produce 30,000 tons of byproduct hydrogen from 2023 and 250,000 tons of eco-friendly, clean hydrogen from 2025.

Posco Group envisioning a hydrogen powerhouse announced a plan to expand its green hydrogen capacity to 5 million tons by 2050 to generate revenue of 30 trillion won ($26.9 billion).

Hyosung has partnered with global gas and engineering company Linde to build a liquid hydrogen plant with an annual output of 130,000 tons in Ulsan and large-scale liquid hydrogen charging stations at 30 locations across the country.

The four leaders during the visit test drove Hyundai Motor Group’s flagship models like Hyundai Nexo crossover SUV, Hyundai Ioniq 5, Genesis G80, GV80 and GV70, Hyundai Staria and other hydrogen fuel cell trucks and buses. Hyundai Motor introduced its proprietary EV platform E-GMP, robotics technology and urban air mobility vehicles as well.

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Source: Pulse by Maeil Business News Korea (June 10, 2021)