Gyeongbuk Province Invests 242.7 Billion KRW to Develop Pohang Area as a Hub for Hydrogen Fuel Cells

6 Organizations Including Hansuwon and Doosan Fuel Cell Sign Investment MOU
Establishing Hydrogen Fuel Cell Industrial Complex by 2025
10,000 Partner Suppliers... Expecting Creation of 4,000 Jobs

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongwook Park] Gyeongsangbuk-do announced on the 8th that it signed a Memorandum of Understanding (MOU) for mutual cooperation to promote the 'Fuel Cell Power Generation Cluster Construction Project' at Pohang Technopark, attended by representatives from leading domestic fuel cell companies and research institutions.

Attendees at the agreement signing included Governor Lee Cheol-woo, Pohang Mayor Lee Kang-deok, President Jung Jae-hoon of Korea Hydro & Nuclear Power Co., Ltd., President Kim Moo-hwan of Pohang University of Science and Technology (POSTECH), CEO Yoo Soo-kyung of Doosan Fuel Cell Co., Ltd., Director Lee Jeom-sik of Pohang Technopark, and local provincial council members.

Through this agreement, Gyeongbuk Province expects to strengthen competitiveness in the fuel cell technology sector and achieve up to 70% of the national hydrogen economy policy goal of deploying 15GW of fuel cells by 2040.

Unlike fossil fuels, fuel cells generate electricity and heat without combustion, enabling more stable power supply compared to solar and wind power, which are affected by natural environmental factors. With over 10,000 cooperating parts companies, it is a future core industry of Gyeongbuk Province with significant economic and industrial ripple effects and an expected average annual growth rate of over 20%.

So far, Gyeongbuk Province has proactively led the hydrogen industry by establishing a fuel cell testbed, promoting R&D support projects for fuel cell companies, being selected for a hydrogen fuel cell pre-feasibility study project, building a hydrogen fuel cell certification center, and being chosen for a hydrogen industry convergence manpower training project. The 'Hydrogen Fuel Cell Power Generation Cluster Construction Project' is currently awaiting a preliminary feasibility study.

The 'Hydrogen Fuel Cell Power Generation Cluster Construction Project' is a project to invest KRW 242.7 billion (KRW 121.4 billion national funds, KRW 60.5 billion local funds, KRW 60.8 billion private funds) in the Pohang area of Gyeongbuk from next year until 2025 to establish a domestic verification complex and industrial complex for hydrogen fuel cell products and to build a certification center capable of testing and certifying large-capacity (MW) systems.

In addition to Doosan Fuel Cell Co., Ltd. and Korea Hydro & Nuclear Power Co., Ltd., many companies from raw materials, components, and parts to the final power generation system stage have expressed their intention to participate in the project to Gyeongbuk Province. Local universities such as POSTECH have also shown tangible results, being selected for the 'Hydrogen Convergence Manpower Training Project' (supported with KRW 4.3 billion).

Governor Lee Cheol-woo of Gyeongbuk Province stated, "Pohang is the optimal location for fostering the fuel cell industry as an industrial complex for the fuel cell power generation cluster has already been established, and fuel cell-related infrastructure and research facilities are in place." He added, "We will strive to make Gyeongbuk a true mecca of the hydrogen fuel cell industry by actively cooperating with related companies and institutions to create about 4,000 jobs."

This content was produced with the assistance of AI translation services.