Hyundai and SK to increase investment in hydrogen

The Ministry of Trade, Industry and Energy announced that the 17 member companies of the Korea H2 Business Summit have increased their planned investment in the hydrogen industry by 2030 by more than 7 trillion won to over 50 trillion won. This is because the revised Economic Promotion and Safety Control of Hydrogen Act is scheduled to take effect within this year to eliminate uncertainties to a large extent.

Last year, the member companies pledged to invest a total of 43 trillion won in their hydrogen projects by 2030. This year, they increased their planned investments by more than 7 trillion won.

At the summit’s 2022 Investor Day event, Hyundai Motor Group said that it is making various efforts to utilize hydrogen fuel cells in ships and aircraft. It started developing hydrogen fuel cells in 1998 and has developed passenger cars, buses and trucks using hydrogen as their fuel.

SK Group also said that it would produce 250,000 tons of clean hydrogen a year in South Korea starting from 2025.

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