Korean Ministry to promote 600 hydrogen-focused businesses by 2030

To advance the hydrogen industry, the Korean Ministry of Commerce, Industry, and Energy will find and promote 600 hydrogen-focused businesses by 2030.

In order to share strategies for building support and hear about the challenges faced by the companies, the Ministry of Commerce, Industry, and Energy hosted a meeting for hydrogen companies at Seoul Square in Jung-gu, Seoul.

A mechanism for finding and assisting hydrogen businesses that adhere to specified standards for the shift to the hydrogen economy is known as the hydrogen specialized company. Since the system’s launch in June 2021, 60 businesses have been identified as specializing in hydrogen, with plans to increase that number to 600 by 2030.

In order to identify hydrogen companies with significant growth potential, particularly for start-ups like venture companies, the Ministry of Industry will first revise the criteria for designating hydrogen-specialized companies contained in the Enforcement Decree of the Hydrogen Economy Act by July of this year.

Businesses can be categorized as hydrogen-specialized if they account for 40% or more of their hydrogen business sales and had average overall sales of 2 to 10 billion won over the previous three years. Also, a new criterion has been established that allows small and medium-sized enterprises with three-year total sales of between 1 and 2 billion won to become hydrogen-specialized businesses if their hydrogen business sales are greater than 50%.

Also, support for businesses with a focus on hydrogen will be increased. To expand into new markets, increase specialized support such as technology commercialization and marketing. Provide funding for technology development for businesses that specialize in hydrogen, and give them priority treatment when setting loan ceilings and interest rates.

So that hydrogen sector rules, which are the challenges for enterprises that specialize in hydrogen, may be verified quickly, a regulatory map service for the hydrogen industry will be built. This service will provide regulatory information for the entire cycle. It is possible to collectively study relevant rules and regulations that demand evaluation while advertising a new firm.