The “hydrogen power bidding market system,” a crucial component of the Yoon Seok-Yeol government’s hydrogen economy program introduced last year, has sparked a lot of interest from the business community.
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To advance the hydrogen industry, the Korean Ministry of Commerce, Industry, and Energy will find and promote 600 hydrogen-focused businesses by 2030.
This year, the government and the agency will collaborate to supply and distribute hydrogen for mobility under the auspices of a consultative group. 91 chargers will be constructed, and 17,000 hydrogen vehicles will be delivered. In order to create the infrastructure for a steady hydrogen supply and demand, three liquefaction plants and six hydrogen production bases will be finished this year.
In a recent interview with EnergyNews, Seky Chang, a Korean transportation expert, discussed how he has concentrated on developing hydrogen-based transportation solutions.
The Korean government will build a 100,000-ton overseas liquefied hydrogen introduction infrastructure by 2029 based on the introduction and establishment of liquefied natural gas (LNG).
Governmental energy organizations hasten the development of infrastructure to establish a clean hydrogen ecosystem. KEPCO intends to accelerate the development of hydrogen power production technology, and companies engaged in the oil and gas industry intend to construct infrastructure and facilities for acquisition.
This year, the government will provide a total of 16,920 hydrogen-powered automobiles with subsidies. In the case of hydrogen passenger cars, the supply of hydrogen vehicles will be increased significantly by providing a subsidy of 30 million won per unit, which includes local and governmental costs.
Using only domestic technology, South Korea Power Generation has begun to develop hydrogen combustion technology for massive gas turbines.
In order to take the initiative in creating a hydrogen mobility industry ecosystem, the Korea Automotive Research Institute is collaborating with the Abu Dhabi Transportation Authority (DMT) in the United Arab Emirates.
The United Arab Emirates’ (UAE’s) national wealth fund has promised to make its largest-ever investment in South Korea.
