Government Accelerates Energy Fund Creation... This Time a 34 Billion Won Hydrogen Fund

Announcement of Entrusted Asset Management Company Selection from the 15th... "A Catalyst for Hydrogen Economy Activation"

Sung Yun-mo, Minister of Trade, Industry and Energy, is applauding at the 2nd Post-Corona Industrial Strategy Dialogue held on the 11th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Moon Chaeseok] The government is actively working on creating an energy industry fund. This time, it will establish a hydrogen economy promotion fund worth 34 billion KRW.

The Ministry of Trade, Industry and Energy announced on the 14th that Energy Infrastructure Asset Management, the operator of the hydrogen fund, will announce the selection of a delegated management company on the 15th.

The hydrogen fund is a sub-fund of the 'New Energy Industry Fund.' It will be formed with at least 5.1 billion KRW of private and policy funds added to 28.9 billion KRW of indirect investment resources, totaling over 34 billion KRW.

Since 2016, the Ministry has been operating a 505 billion KRW New Energy Industry Fund together with Korea Electric Power Corporation and Mirae Asset Group.

The hydrogen fund plans to invest in companies (excluding large corporations) in industries related to the hydrogen economy, new renewable energy, and energy storage. The investment period is within 4 years from the fund's establishment date, and the duration is within 10 years.

The Ministry plans to proactively invest in hydrogen companies to encourage early global market leadership in the hydrogen sector.

Additionally, through the fund, it will actively support investments in 'hydrogen specialized companies' as defined by the Hydrogen Act, which will be enforced starting February next year.

Hydrogen specialized companies are designated after evaluating the technological capabilities and innovation capacity of domestic hydrogen companies.

An official from the Ministry said, "The hydrogen fund will serve as a catalyst in fostering the industrial ecosystem by nurturing domestic small and venture companies engaged in the hydrogen economy industry and new energy industries."

The selection announcement for the hydrogen fund's delegated management company will be posted on the Energy Infrastructure Asset Management website on the 15th. Proposals will be accepted and evaluated until the 10th of next month, with the selection scheduled for August.

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