UK-based Business West has entered into a Memorandum of Understanding (MoU) with the Korean Advanced Manufacturing Research Center (AMRC) to encourage collaboration between South West businesses in the UK and Korean innovators in the field of hydrogen mobility.
Business West is a regional not-for-profit company working to grow businesses in the UK.
Under the terms of the agreement, Business West and AMRC will identify, support and connect manufacturers and innovators to share expertise, initiate collaborative R&D projects, and accelerate the joint development of this important technology.
South Korea has a goal of 6.2 million hydrogen-powered vehicles on its roads by 2040. The technology is expected to add 43 trillion won ($38 billion) to the South Korean economy, with vehicle maker Hyundai already investing 7.6 trillion won ($6.7bn) in the development of hydrogen mobility solutions.
Business West and AMRC have already collaborated extensively to develop the relationship between the two countries in the delivery of Innovate UK’s Global Business Innovation Program (GBIP). The program facilitates in-country visits for South West SMEs and opens doors to senior figures at global companies such as Hyundai, Korean Air and Korean Aerospace.