South Korean conglomerate SK Group plans to spend 18.5 trillion won ($16.5 billion) in hydrogen projects over the next five years, including the construction of what it says is the world’s largest hydrogen plant.
The firm revealed the plans on Tuesday during a meeting of the Hydrogen Economy Committee which included officials from five firms including Hyundai Motor Group, Posco, and Kogas.
In total, South Korean firms aim to invest about 43 trillion won ($38.3 billion) in hydrogen projects by 2030.
As per plans by SK, it aims to invest, mostly via its unit SK E&S, in domestic hydrogen business infrastructure and tie in with global companies to become the world’s largest company in the hydrogen value chain, it said.
The firm plans to build a plant in Incheon by 2023, with a capacity to supply 30,000 tons of liquefied hydrogen per year.
In addition, it plans to produce 250,000 tons of hydrogen annually at a plant near Boryeong LNG terminal by 2025.