Hyundai, SK Team-Up To Build Hydrogen Ecosystem
South Korea's prominent group Hyundai Motor Group and SK Group is allying to establish a so-called "hydrogen alliance" to improve the foundation for a nationwide hydrogen ecosystem.
On Tuesday, Hyundai Motor Chair Euisun Chung and SK Chair Chey Tae-won met on the third Hydrogen Economic Committee event's sidelines, and the meeting was presided over by Korean Prime Minister Chung Sye-kyun.
The leaders also discuss the increased cooperation in the hydrogen sector.
"Hydrogen is not only a source of energy but it can also store it, which is expected to make it an 'energy currency' when carbon neutrality is achieved," Chung said in the event.
Chung added that the collaboration with SK Group would establish a hydrogen ecosystem where the energy is organically produced, retailed and utilized.
SK will slowly change some 1,500 vehicles in operation on its worksites with Hyundai Motor hydrogen-powered vehicles, including cargo and pick-up trucks, as stated in the memorandum of understanding (MOU) signed Tuesday.
The conglomerates will work on charging infrastructure, starting with hydrogen chargers at logistics base camps run by SK in Incheon and Ulsan by the end of this year. The leaders are discussing installing hydrogen mounts at SK gas stations as well.
Reports said that a Korean type of the Hydrogen Council tagged the K-Hydrogen Council is also expected to unveil within the first half of this year with Hyundai Motor Group, SK Group, and Posco.
The Hydrogen Council is a global lobbying group comprised of business leaders that promote hydrogen energy. Chung co-chaired the group until 2020.
Hyundai is taking the top in hydrogen-related dealings in Korea.
In February, Hyundai Motor Group established a similar corporation with Posco, Korea's largest steelmaker, to build hydrogen-related technology. Posco also assured to change worksite vehicles with Hyundai fuel cell vehicles.
Under Chung's leadership, Hyundai Motor has reached several milestones in the past couple of years.
