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South Korean companies in the auto, chemical, and steel industries are increasing investments in hydrogen to cut greenhouse emissions and capture new business opportunities.
To embrace the transition, companies in the said carbon-intensive industries have announced hydrogen business road maps.
Hyundai Motor Group, which introduced its ix35 fuel cell electric vehicle (FCEV) in 2013, has added the NEXO SUV, the XCIENT fuel cell heavy-duty truck, and a fuel cell electric bus, surpassing Japanese rivals in the field.
FCEVs run on pressurized hydrogen and create electricity by chemically fusing it with oxygen in a fuel stack.
SK Group, whose businesses range from semiconductor and telecom batteries and re, said it plans to produce hydrogen utilizing its energy infrastructure. The group’s holding firm, SK Holdings, had set an annual hydrogen production goal of 280,000 tons by 2025 to supply its fuel cell power plants and petrol stations.
Meanwhile, steelmaker POSCO is expanding its hydrogen business and establishing supply chains, targeting 5 million tons of annual hydrogen production by 2050.
POSCO currently has an annual hydrogen production of 7,000, mostly using natural gas and byproducts from its power plants.
