S. Korea launches new company to lead construction of hydrogen fueling infrastructure; 100 stations by 2022
South Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced that 13 hydrogen-related companies, including Hyundai Motor, are partnering to launch a special purpose corporation (SPC), named HyNet, to drive the construction of hydrogen refueling infrastructure in the country.
HyNet, with an investment of US$119 million (134 billion KRW) has the goal of building out 100 hydrogen stations by 2022—one-third of the Korean government’s target to build a total of 310 stations across the country by the same year.
HyNet will use the initial investment and subsidies from the Ministry of Environment—1.5 billion KRW (US$1.3 million) for each station, to build the infrastructure.
Korea Gas is the largest shareholder in HyNet, followed by Hyundai.