South Korea will invest $2.3bn in the hydrogen vehicle industry over the next 5 years

The South Korean Ministry of Trade, Industry and Energy (MOTIE) recently announced that it a partnership of government and private business will invest 2.6 trillion won (approx. $2.3bn) to help speed up the country’s adoption of hydrogen fuel cell vehicles.

The goal is to build 310 hydrogen refuelling stations by 2022 to support 16,000 vehicles.

The money will be spent on plants for building fuel cell vehicles, fuel cell stacks, and storage systems.

In 2018 the plan is to spend 150 billion won (approx. $135m) on starting a dedicated corporation for hydrogen refuelling stations.

In 2019 the plan is to spend 420 billion won (approx. $380m) on the production of hydrogen buses, storage, and mass production of hydrogen.

In 2020-22 the plan will spend the remainder, 2 trillion won (approx. $1.8bn) on the greater expansion of hydrogen production plants, fuel cell stacks, and hydrogen refuelling stations.