Busan City Strengthens Foundation for Hydrogen Industry City
Selected as Institution to Support Prospective Hydrogen-specialized Companies by the Ministry of Industry
Plans to Discover 10 Companies and Convert 3 into Designated Hydrogen-specialized Companies
Busan City has been selected as an institution to support prospective hydrogen-specialized companies, giving a boost to the establishment of hydrogen industry infrastructure.
Busan City (Mayor Park Hyungjoon) announced on the 23rd that it has been finally selected for the Ministry of Trade, Industry and Energy's 2025 support project for regional institutions assisting prospective hydrogen-specialized companies.
The government designates companies that meet requirements such as hydrogen sales and R&D investment ratio as "hydrogen-specialized companies." Currently, a total of 110 companies nationwide have been designated, with 10 of them located in Busan.
With this selection, Busan City has secured 900 million KRW in national funding. Busan Technopark, the implementing agency, will invest a total project cost of 1.6 billion KRW, including the national funding, over the next two years to carry out the business support project.
Through this selection, Busan City plans to discover 10 prospective hydrogen-specialized companies and convert 3 of them into hydrogen-specialized companies designated by the Ministry of Industry, thereby strengthening the foundation of the local hydrogen industry.
To facilitate the transition to hydrogen-specialized companies, Busan City plans to provide comprehensive and systematic support, including technology commercialization, market development, testing and certification, and specialized education.
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Mayor Park Hyungjoon of Busan stated, "We have laid an important foundation for Busan to leap forward as a central city of the hydrogen industry," and emphasized, "We will actively support the creation of a local hydrogen industry ecosystem and the strengthening of competitiveness in cooperation with the government."
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