Korean gov’t teams up with private sector to foster liquid hydrogen economy

[Provided by Yonhap]

South Korea will work with the private sector to expand liquid hydrogen production and infrastructure, with an aim to increase the number of commercial hydrogen vehicles to 30,000 by 2030 and the ratio of low-carbon, clean hydrogen power generation to more than 7 percent by 2036.

The Korean government led by the Ministry of Industry, Trade and Energy on Wednesday signed a memorandum of understanding (MOU) with a group of private businesses including SK E&S, Hyundai Motor, Hyosung, and Hychangwon to create a liquid hydrogen ecosystem with a complete supply chain from production to distribution and application.

The signing ceremony was held after the government’s hydrogen economy meeting presided over by Prime Minister Han Duck-soo.

Liquid hydrogen is hydrogen liquified by cooling gaseous hydrogen to below -235 degrees Celsius degree. Because it is safer and lighter than gaseous hydrogen, it is easier to store and deliver, which has led the Korean government to go all-out to promote it as the country’s major energy resource.

In detail, the energy ministry plans to increase the number of commercial hydrogen vehicles from the current 211 to 30,000 units by 2030 and build 70 liquid hydrogen fueling stations. It also plans to bump up the country’s low-carbon, clean hydrogen energy generation to 7.1 percent by 2036.

The ministry expects the government’s liquid hydrogen ecosystem project will generate 47.1 trillion won ($34.43 billion) in economic value and create 98,000 jobs.

To aid the government‘s initiative, SK E&S, a natural gas company under SK Group, will be responsible for producing and distributing liquid hydrogen starting next year through cooperation with Hyosung and Hychangwon under the MoU. Currently, the firm is building a facility to produce 30,000 tons of liquid hydrogen in Incheon, which would be the largest in Korea upon completion. It will start mass production for nationwide supply to hydrogen fueling stations in the second half of next year.

In addition, SK Plug Hyverse, a joint venture between SK E&S and America-based Plug Power, is building 40 fueling stations across Korea.

By Song Min-geun, Song Gwang-sup, and Jenny Lee