SK to Invest W18 Trillion in Hydrogen Business

  • By Kim Kang-han, Yoon Hyung-jun

    March 03, 2021 13:13

    SK Group will invest W5 trillion into its hydrogen business over the next five years to become the world's largest producer of the gas for commercial use (US$1=W1,125).

    SK chairman Chey Tae-won said in a government-led hydrogen energy meeting on Tuesday, "Hydrogen is an environmentally friendly energy suitable for Korea, which is not affected by the climate and requires only a small amount of area to produce."

    Hyundai chairman Chung Eui-sun also attended the meeting. The automaker pins its future on green cars like electric and hydrogen cell vehicles.

    SK chairman Chey Tae-won (right) and Hyundai chief Chung Eui-sun arrive for a meeting with government officials in Incheon on Tuesday. /Yonhap

    Affiliate SK E&S will spend W500 billion to build a liquefied hydrogen plant in its petrochemical complex in Incheon that will be capable of producing 30,000 tons of the gas annually by 2023. Once the facility is completed, SK will be able to supply liquefied hydrogen to the whole Seoul metropolitan area.

    SK will then invest around W5.3 trillion until 2025 to build the world's largest "clean" hydrogen manufacturing plant capable of producing 250,000 tons of the gas a year. The conglomerate will also spend W12.7 trillion to build hydrogen filling stations, distribution networks and a research center and acquire foreign companies.

    The plan is to have 100 filling stations in place across Korea by 2025, supply 80,000 tons of liquefied hydrogen a year, and expand the business to China, Vietnam and other Asian markets.

    "By creating a hydrogen ecosystem in Korea, we expect to create 209,000 jobs in the construction, shipbuilding, automobile, rechargeable battery and hydrogen businesses and create W34.1 trillion worth of socio-economic benefits," a SK staffer said.

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