The South Korean government and businesses will invest some 2.6 trillion won (US $2.33 billion) over the next five years in a public-private partnership to speed up the development of the country’s hydrogen fuel cell vehicle ecosystem, according to the Ministry of Trade, Industry and Energy (MOTIE).
The target is to be able to install 310 hydrogen stations by 2022 to supply 16,000 fuel cell vehicles. The funds will be spent on building plants for fuel cell vehicles and fuel cell stacks, manufacturing fuel cell buses and developing hydrogen storage systems.
Some 125 billion won (US$112 million) will go to supporting R&D for major components such as the fuel cell stack.
In 2018, the plan envisions the investment of 150 billion won (US$135 million) in establishing a special corporation for hydrogen filling stations, with the goal of reducing the cost of filling station construction by 30%.
For 2019, the plan envisions spending 420 billion won (US$377 million) for the production of hydrogen buses and demonstrations, hydrogen storage vessels for buses, and the mass production of a domestic CNG reforming device for the production of hydrogen.
From 2020 to 2022, the plan foresees the expenditure of 2 trillion won (US$1.8 billion) on the expansion of plants for the production of hydrogen, fuel cell stacks, and the mass production of packaged hydrogen filling stations.