Jung-hee Kim, Gounee Yang

Global Economic News

SOUTH KOREA’S hydrogen ecosystem grows rapidly. Hyundai Motor, the only automobile manufacturer produces hydrogen electric vehicles (HEVs), will release hydrogen electric trucks next year following its HEV model NEXO. Hyundai Motor’s HEV market share is expected to be strengthened.

The country’s Environment Ministry has set a goal for supplying HEVs next year to 28,350 units, up 87 percent from this year. Under the plan, 28,000 HEV passenger cars will be supplied. The budget for HEVs has also greatly expanded from 441.6 billion won (US$372 million) this year to 892.7 billion won next year.

In addition, the Ministry of Trade, Industry and Energy announced the first basic plan to implement hydrogen economy at the fourth Hydrogen Economic Committee on Nov. 26.

The plan includes 15 tasks set based on four major strategies: leading domestic and foreign clean hydrogen production, establishing an optimized infrastructure, using hydrogen in daily life, and strengthening the ecosystem foundation.

The government is planning to expand hydrogen charging stations to more than 2,000 units by 2050 by increasing the number of convergence charging stations that install hydrogen chargers at gas and LPG charging stations.

The government will increase the number of hydrogen charging stations to 310 units next year, 450 in 2025, 660 in 2030, 1,200 in 2040, and 2,000 in 2050.

For the plan, the Hydrogen Energy Network (Hynet), Kohygen, Korea Petroleum Association, and Korea LPG Association signed a partnership to improve eco-friendly energy infrastructure and expand hydrogen charging stations.