South Korea’s 15 leading companies have established a hydrogen business council today (8th September), aiming to invest heavily in hydrogen projects to support growth in the global hydrogen market.
The launching event of the Korea H2 Business Summit was attended by chief executives and top officials of 15 leading Korean conglomerates. The council aims to promote hydrogen as a clean energy source among members and support the hydrogen value chain encompassing production, storage and end-user applications. It will also invite investors to invest in the Korean hydrogen market as well as members will invest overseas.
The 15 members of the Korea H2 Business Summit are:
- Doosan Group
- GS Group
- Hanwha Group
- Hyosung Group
- Hyundai Heavy Industries Group
- Hyundai Motor Group
- Isu Group
- Kolon Group
- Korea Zinc
- Lotte Group
- Posco Group
- Samsung C&T
- SK Group
Hyundai Motor, SK, and Posco will serve as co-chairs, and Hyundai Motor will take turns serving as the secretary representing the meeting.
The hydrogen council will hold an annual general meeting in September to discuss key issues and discuss ways to cooperate.
The member companies will also hold regular meetings to discuss the cooperation of the three divisions, including technology, policy, and global collaboration.
Hyundai Motor, SK, POSCO, Hanwha, and Hyosung, have already decided to invest 43.4 trillion won in all areas of the hydrogen economy, including hydrogen production, distribution, storage, and utilisation, by 2030.
The council will also aim to secure key technologies for the future hydrogen economy, such as hydrogen liquefaction, hydrogen liquefaction, and CCU, at an early stage.