Korean fuel cell startup BTE bets big on hydrogen fuel cells for forklifts

South Korea’s BTE, a startup for hydrogen fuel cell production, will focus on advancing hydrogen fuel cell technology on anticipation for the solid growth of the global hydrogen fuel cell market for small mobility vehicles especially forklifts.

“Hydrogen-fueled forklifts have advantages compared with electric ones in terms of the charging cycle and time,” said CEO Shim Gyu-jung in an interview with Maeil Business Newspaper, adding that the hydrogen fuel cell’s battery life is three times longer than that of the electric battery, and it takes only five minutes to charge hydrogen-powered forklifts.

Because forklifts are mostly used in factories that cannot afford spaces for charging facilities, it is important to develop hydrogen fuel cells for small vehicles, Shim said.

According to QY Research, a global market researcher, the hydrogen-powered forklift market in the U.S. is forecast to expand to $454.11 million by the end of 2026 from $291.69 million in 2019. As the domestic market is also burgeoning, SK plug hyverse partnered with Doosan Bobcat to develop hydrogen-fueled forklifts. Hyundai Construction Equipment has also teamed up with S FuelCell to develop small hydrogen-powered forklifts.

The firm, founded in 2020, develops and produces hydrogen fuel cells for small mobility vehicles, such as drones, bicycles, golf carts, and forklifts. Its portable hydrogen charging equipment can compress 260 grams of hydrogen at 360 bar per hour, equivalent to two hours of flying for a hydrogen-fueled drone.

BTE is expected to redouble its sales year on year, with the number of employees trifold from a year ago. It showcased its hydrogen cell chargers and unmanned ground vehicles (UGVs) at the international trade show CES earlier this year. Focusing on fuel cells and charging solutions for UGVs as its core business, it has signed a deal with a local firm in the U.S. for maintenance for convenient use and safety.

It has recently established an operation in the United States where regulations are less strict than in Korea.

BTE hopes to acquire CE certification, a regulatory standard for safety in Europe, targeting its advance into the market before the end of next year. It also plans to build a charging station in Wonju, Gangwon province, to provide green hydrogen with zero carbon emission in production.

“We also plan to enter the eco-housing market, after 2024, for environmentally low-impact homes based on technologies that reduce carbon footprint,” CEO Shim said.

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