State spending on strategic industries to surge 43% next year
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Hyundai Mobis Co.’s fuel cell power pack is shown in this photo provided by the organizing committee of H2 Mobility+Energy Show on Sunday. (Organizing Committee of H2 Mobility+Energy Show)
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South Korea will host a hydrogen mobility show this week to showcase the latest technologies in fuel cell electric vehicles (FCEVs) and trams, and discuss major trends in the hydrogen economy, its organizer said Sunday.
H2 Mobility+Energy Show will take place at an exhibition center in Goyang, just north of Seoul, from Sept. 8-11, with more than 150 companies and research institutions from 12 countries, according to the Korea Automobile Manufacturers Association.
It is the nation’s second major hydrogen industry exhibition following its first show last year.
Hydrogen has emerged as an alternative to fossil fuels as it can offer solutions in fields ranging from transport to energy storage and is an important pillar of the government’s plan to go carbon neutral by 2050 and develop renewable energy industries.
To embrace the global energy transition, Korean companies in the auto, chemical and steel industries have recently announced hydrogen business road maps to boost demand and foster new growth drivers.
Major Korean conglomerates, including Hyundai Motor Group, SK, POSCO, Hanwha and Hyosung, have vowed to invest over 43 trillion won ($37.1 billion) by 2030 to establish comprehensive hydrogen value chain and get closer to their zero-emission goals.
Among them, Hyundai Motor Group, the nation’s largest hydrogen mobility company, plans to exhibit its new FCEVs, and its affiliates, including Hyundai Mobis and Hyundai Rotem, will introduce new fuel cell systems and fuel cell electric trams.
FCEVs run on pressurized hydrogen and create electricity by chemically fusing it with oxygen in a fuel stack.
POSCO Group’s affiliates will also participate in this year’s event and share its hydrogen blueprint.
To support the private sector’s initiative, the government has announced plans to expand subsidies for hydrogen-fueled vehicles, ease regulations on charging stations and expand related infrastructure. (Yonhap)