Jeonbuk-do attracts foreign investments for manufacturing hydrogen vehicle parts
Jeonbuk-do attracts investment from foreign companies manufacturing hydrogen vehicle parts for the first time this year
This year, Jeonbuk-do garnered its first investment by luring a foreign firm that produces components for hydrogen vehicles.
Governor Kim Kwan-young, Wanju County Governor Yoo Hee-tae, and director Silvain Torrent Plastic Omnium Korea New Energy were present as the province government inked an investment deal there.
By 2025, Wanju Techno Valley Industrial Complex 2’s 8th block will be home to manufacturing facilities for hydrogen fuel tanks that will require an investment of 53.5 billion won and the direct hiring of 29 workers.
Jeonbuk-do anticipates making a significant contribution to the future vehicle development plan, which is the flagship sector, while developing a hydrogen production system and further integrating associated industries, by luring hydrogen-related enterprises through this investment agreement.
New rules to establish India as hydrogen hub
R K Singh, the Union Minister for New and Renewable Energy, announced that his department would publish comprehensive rules and regulations to establish India as a hub for the production of hydrogen.
This statement was made just one day after the National Green Hydrogen Mission’s budget of Rs 19,744 crore was approved by the Union Cabinet.
Over the next five years, the Mission is anticipated to attract investments totaling Rs. 8 lakh crore and produce 5 million tonnes of green hydrogen.
Incentives are provided by the Mission to reduce the cost of green hydrogen. According to Singh, the PLI scheme for producing green hydrogen would be available until the home market is viable.
The hydrogen purchase obligation (HPO), which allows some industries like fertilizer and refining to consume a small quantity of green hydrogen in addition to their overall consumption of grey hydrogen derived from fossil fuels, was also noted by the minister. In addition, the government intends to reduce the cost of green hydrogen, which is now sold for Rs 300 per kilogram.