Major South Korean companies' heads and CEOs gathered at the "Korea H2 Business Summit" held on June 14 at the Grand Hyatt Hotel in Seoul to revitalize the hydrogen economy and presented the goal of achieving the goal of reducing carbon emissions through the creation of results from the hydrogen business.
On June 14, the "Korea H2 Business Summit" was held at the Grand Hyatt Hotel in Seoul. The general meeting was attended by the best of 17 member companies, including Hyundai Motor Group Chairman Chung Eui-sun, SK Group Senior Vice Chairman Choi Jae-Won, POSCO Group Chairman Choi Jeong-Woo, GS Caltex CEO Huh Sae-Hong, Hyosung Group Vice Chairman Cho Hyun-Sang, Kolon Group President Lee Kyu-Ho, SeAH Group Chairman Lee Soon-Hyung.
The participants collectively recognized the pressing need to revitalize the Korean hydrogen industry, given the growing competition in the global hydrogen economy. They set forth a target of reducing carbon emissions by over 10% by 2030 and 25% by 2050, with hydrogen playing a crucial role in achieving these objectives.
Chairman Chung Eui-sun of Hyundai Motor Group emphasized the company's commitment to diversifying joint investments in the hydrogen business beyond the development of hydrogen-powered vehicles. In his address, he outlined the hydrogen business investment plan, which was first introduced in his New Year's speech earlier this year. Hyundai Motor Company aims to establish a comprehensive supply chain covering hydrogen production, distribution, and other aspects of the hydrogen ecosystem, going beyond the production of hydrogen electric trucks.
Hyundai Motor has been actively engaging in collaborations and joint investments with various companies. Partnerships have been formed with the hydrogen energy network "Hynet" and Iveco, a supplier of hydrogen fuel cells to major commercial OEMs in Europe.
Moreover, the company signed a contract with the FAUN Group, a leading player in the European garbage truck market, to supply a total of 1,100 hydrogen batteries over a span of three years. Hyundai Motor is also working with Hyundai Rotem, its affiliate, to explore hydrogen business opportunities in the shipbuilding and power generation sectors, as well as collaborating with Rolls-Royce in the aviation sector.
Furthermore, Hyundai Motor Company plans to commence liquefied hydrogen production in partnership with SK this year. They aim to establish an eco-friendly resource circulation structure by producing clean hydrogen from food waste. The company is set to unveil a hydrogen tractor in the North American market and launch the successor to the Nexo by 2025.
Hyosung Group Vice Chairman Cho Hyun-sang highlighted the group's endeavors in the hydrogen business. He stated that since 2000, Hyosung has been actively expanding its presence in the sustainable energy market, including CNG charging, LNG, and hydrogen charging stations. The group has established the largest number of hydrogen charging stations in Korea and is currently working towards completing a liquefied hydrogen plant in Ulsan.
Additionally, Hyosung plans to build liquefied hydrogen charging stations nationwide in the future. The company also emphasizes research and development to foster a green hydrogen society integrated with wind power, solar power, and energy storage system (ESS) businesses. Hyosung aims to increase production of key materials for hydrogen in alignment with market growth, particularly in relation to the rising demand for hydrogen vehicles.
Doosan also presented its blueprint for the hydrogen business. The company specializes in the production and distribution of hydrogen through water electrolysis systems and hydrogen liquefaction plants. Doosan Fuel Cell's Polymer Electrolyte Membrane (PEM) type water electrolysis system is scheduled for commercialization in the second half of this year.
Doosan Enerbility's construction of Korea's first hydrogen liquefaction plant in Changwon is nearing completion, and progress is being made in producing green hydrogen using wind power generation.
