Hydrogen Market Worth 3000 Trillion Won... 'K-Hydrogen Avengers' Rise

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[Asia Economy Reporter Changhwan Lee] Hyundai Motor Group, SK Group, POSCO Group, and Hyosung Group, the four major domestic hydrogen-related groups, have joined hands to revitalize the hydrogen economy. In the second half of this year, they plan to establish a hydrogen business council centered on these four groups, focusing on related investments and expanding the value chain to take the lead in realizing a hydrogen society.

On the morning of the 10th, the heads of the four major groups?Hyundai Motor Group Chairman Chung Euisun, SK Group Chairman Chey Tae-won, POSCO Group Chairman Choi Jeong-woo, and Hyosung Group Chairman Cho Hyun-joon?met at the Hyundai Motor-Kia Technical Research Center in Hwaseong, Gyeonggi Province, to discuss the establishment of the hydrogen business council.

Earlier this year, Hyundai Motor, SK, and POSCO agreed on the need for private sector-led cooperation to revitalize the hydrogen economy and achieve carbon neutrality, and decided to promote the establishment of the CEO council called the "Korean Hydrogen Council." Subsequently, Hyosung expressed its intention to participate in the council, leading to the first meeting of the four group chairmen to actively discuss the establishment of the hydrogen business council.

The hydrogen business council, operated in the form of a CEO council, will have Hyundai Motor, SK, and POSCO as co-chairs and will encourage additional participation from companies engaged in hydrogen-related businesses and investments. The participating companies will be finalized by July, and an official launch will be held at a CEO general meeting in September.

The four groups forming the hydrogen business council are recognized as domestic companies that have made efforts to expand the base of the hydrogen society. Hyundai Motor has led the global market by mass-producing the world's first hydrogen electric vehicle in 2013. It plans to produce 500,000 hydrogen electric vehicles and 700,000 hydrogen fuel cell systems annually by 2030.

SK established a dedicated hydrogen business organization, the "Hydrogen Business Promotion Team," at the end of last year, aiming to build a value chain from hydrogen production to distribution and consumption by 2025 and become the world's number one hydrogen energy company.

POSCO, under the vision of "Leading Green Hydrogen Company Driving the Hydrogen Economy," plans to make hydrogen business a new growth engine and achieve 5 million tons of green hydrogen production and 30 trillion won in hydrogen sales by 2050.

Hyosung is promoting the construction of a value chain from hydrogen production to supply. Hyosung Heavy Industries is building a liquefied hydrogen plant with an annual capacity of 13,000 tons in the Ulsan Yongyeon National Industrial Complex by 2023 in partnership with the global company Linde, and is also focusing on establishing a hydrogen supply network by setting up more than 30 large liquefied hydrogen charging stations nationwide.

Hyundai Motor Group Chairman Chung Euisun said, "We will contribute to the spread of hydrogen energy and the early realization of a hydrogen society by continuously cooperating with major domestic companies on hydrogen business, including the establishment of the hydrogen business council."

SK Group Chairman Chey Tae-won emphasized, "The role of companies is important to foster and drive the growth of the domestic hydrogen industry," adding, "We will strive to ensure that the hydrogen industry takes firm root and becomes an opportunity to leap forward as a global hydrogen powerhouse."

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