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NEWS: Tycoons Unite to Invest KRW 43T by 2030 for Hydrogen Future

The Transformation of Hydrogen Council to Promote Hydrogen as A Sustainable Energy

Fifteen leading companies in the hydrogen economy on Sept. 8 held the inaugural assembly of the Korea H2 Business Summit at the Korea International Exhibition Center in Goyang, Gyeonggi-do Province, with their top executives attending. This hydrogen council was initiated by Hyundai Motor, SK and Posco in March and gained momentum with 12 other conglomerates, including Lotte, Hanwha, GS, Hyundai Heavy Industries, Doosan, Hyosung, Kolon, Isu, Iljin, E1, Korea Zinc, and Samsung C&T.

The objective is to boost corporate investments and grow the hydrogen industry’s value chain, including production, transportation, energy storage, and usage.

The country’s five most giant corporations — SK, Hyundai Motor, POSCO, Hanwha, and Hyosung — have already announced intentions to invest 43 trillion won ($37.1 billion) in a wide spectrum of hydrogen infrastructure 2030 to promote new growth drivers.

Hydrogen is a greener alternative to fossil fuels because cars that operate on it only produce water to create electricity. Industrial facilities, notably petrochemical factories, can manufacture it as a by-product.

For full news article, read from The Korea Times