Home Business “Hydrogen is the future” Chung Eui-sun, Choi Tae-won, Choi Jeong-woo, Cho Hyun-joon… ‘K-hydrogen’ alliance

“Hydrogen is the future” Chung Eui-sun, Choi Tae-won, Choi Jeong-woo, Cho Hyun-joon… ‘K-hydrogen’ alliance

by news dir

Enter 2021-06-10 15:26 | Edited 2021-06-10 15:36

▲ From left: Hyundai Motor Group Chairman Chung Eui-sun, POSCO Group Chairman Choi Jung-woo, Hyosung Group Chairman Cho Hyun-joon, SK Group Chairman Choi Tae-won ⓒHyundai Motor Group

Major business leaders have chosen the hydrogen business as a future fuel and are taking active steps. The plan is to prepare a full-fledged hydrogen energy era by forming a ‘one hydrogen team’ that encompasses the entire business world.

Following the active investment of Hyundai Motor Group, SK Group, POSCO Group, and Hyosung Group will join forces to foster the ‘hydrogen economy’ in earnest. As the market size is estimated to reach 3,000 trillion won in 2050, it is evaluated that the ‘K-Allied Force’ was formed following the battery.

According to business circles on the 10th, Hyundai Motor Group Chairman Chung Eui-sun, SK Group Chairman Choi Tae-won, POSCO Group Chairman Choi Jung-woo, and Hyosung Group Chairman Cho Hyun-joon met at the Hyundai Motor-Kia Technology Research Center to discuss the establishment of a hydrogen company council.

The Hydrogen Business Council aims to revitalize hydrogen business and investment, and to realize carbon neutrality by forming a value chain. Hyundai Motor Group, SK Group, and POSCO Group will be co-chairs. Hyosung Group and others play a role in expanding the participation of related companies.

They will be launched after confirming the participating companies by next month and holding the CEO general meeting in September.

The Hydrogen Business Council is evaluated to be similar to the alliance between the three battery companies: LG Energy Solution, Samsung SDI, and SK Innovation. In particular, many analysts expect the hydrogen ecosystem to expand as major business leaders join hands.

It is reported that Chairman Chung, Chairman Choi Tae-won, and Chairman Choi Jung-woo reached a consensus on the need for business-led hydrogen economy cooperation earlier this year.

In fact, Hyundai Motor Group, SK Group, POSCO Group, and Hyosung Group have been investing in expanding the base, considering the hydrogen industry as a future growth engine.

Hyundai Motor Group has set a goal of producing 500,000 hydrogen electric vehicles and 700,000 hydrogen fuel cell systems by 2030. To this end, it plans to invest 8 trillion won in related fields by 2030.

SK Group plans to establish a hydrogen business promotion team, a dedicated organization, and establish a system that covers hydrogen production, distribution and consumption by 2025. In 2023, it was decided to produce 30,000 tons of by-product hydrogen.

POSCO Group announced that it would produce 5 million tons of green hydrogen by 2050 and achieve sales of 30 trillion won. It also plans to eliminate carbon emissions by 2050 based on hydrogen.

In the case of Hyosung Group, it is focusing on building a supply system, such as building charging facilities in about 30 places across the country. An industry official said, “It seems that they are implementing a strong alliance strategy to preoccupy the hydrogen business.” “Hyundai Motor Group and others all have the technology and experience, so the synergy effect will be great.”

Chairman Chung, Chairman Chey Tae-won, Chairman Choi Jung-woo, and Chairman Cho discussed the hydrogen company council at the technology research center on the same day, and then experienced autonomous driving and test-drive the Ioniq 5, EV 6, hydrogen truck and bus. In addition, various opinions were exchanged, such as examining the hydrogen fuel cell system.

Chairman Jung said, “We will continue to cooperate with major companies, including the establishment of a hydrogen business council,” and “will contribute to the early realization of a hydrogen society.”

According to consulting firm McKinsey, the size of the global hydrogen economy is expected to grow to $2.5 trillion by 2050.

Chairman Chey Tae-won said on the same day, “The role of companies is important to foster the hydrogen industry.

Chairman Choi Jeong-woo expressed his will, saying, “The hydrogen economy is a task that the POSCO Group cannot achieve alone.” “The industry must work together to contribute to carbon neutrality and national development.”



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