"Switch to Hydrogen Buses"... SK Ino E&S, Shinhan Bank, Wizdom Collaborate on Financial Support

SK Innovation E&S is teaming up with Shinhan Bank and Wizdom to promote the spread of hydrogen commuter buses. Through collaboration with Shinhan Bank, a major domestic commercial bank, and Wizdom, the largest commuter bus platform company in Korea, they plan to encourage charter bus operators to switch to hydrogen buses.

On the 19th, SK Innovation E&S announced that it signed a "Business Agreement for Building a Sustainable Hydrogen Mobility Ecosystem" with Shinhan Bank and Wizdom. According to the agreement, the three parties will encourage the transition to hydrogen buses for charter bus operators by providing ▲purchase financing support for hydrogen buses ▲carbon reduction consulting ▲hydrogen refueling support ▲deferred payment for fuel costs, among other measures. SK Innovation E&S is an independent in-house company of SK Innovation, responsible for energy sector businesses.

Kim Ki-heung, Head of Sales Promotion Group 2 at Shinhan Bank (from left), Han Sang-woo, CEO of Wizdom, and So Yoo-seop, Head of Hydrogen Marketing Office at SK Innovation E&S, are posing for a commemorative photo after signing a business agreement for the "Establishment of a Sustainable Hydrogen Mobility Ecosystem" on the 19th at Shinhan Bank headquarters in Jung-gu, Seoul. Photo by SK Innovation E&S

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This agreement opens the door for small-scale charter bus operators to receive government low-interest financial support when purchasing hydrogen buses. Shinhan Bank will establish a system to provide bus purchase loans secured by hydrogen buses, Korea Credit Guarantee Fund guarantees, and commuter bus transport bonds for transportation operators contracted with Wizdom. This method helps facilitate low-interest bus purchases linked with policy finance. SK Innovation E&S will support transportation operators wishing to switch to hydrogen buses by providing carbon reduction consulting and ensuring smooth supply of hydrogen fuel as well as deferred payment for fuel costs.

So Yooseop, Head of Hydrogen Marketing at SK Innovation E&S, said, "Hydrogen buses have advantages in terms of refueling speed and driving range, and if commuter charter buses switch to hydrogen buses, it will contribute not only to reducing carbon emissions but also to improving citizens' quality of life. We will continue to make efforts to facilitate the smooth transition of the charter bus industry to hydrogen commuter buses."

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