Korea said Thursday it has agreed with the United Arab Emirates (UAE) to make joint efforts to venture into sustainable resources, such as hydrogen, in line with their goal to reduce carbon footprint.
SK Holdings will pour a total of 18.5 trillion won ($16.5 billion) into producing hydrogen fuel by 2025, a major milestone in the group's clean energy drive.
Hyundai Motor Group continues to forge alliances with Korean companies to accelerate development of hydrogen infrastructure.
SK Group will invest $1.5 billion into U.S. fuel cell company Plug Power as the Korean company hopes to jump on the green energy bandwagon.
Hyundai Motor, Korea's biggest carmaker, will build its first overseas hydrogen fuel-cell systems plant in China as it seeks to enter the local hydrogen market, industry sources said Tuesday.
Mayor of Changwon City Huh Sung-moo rides a hydrogen-powered garbage truck in front of Changwon City Hall in Changwon, South Gyeongsang, on Monday.
Hanwha Solutions, a leading energy and chemical company, will acquire a full stake in U.S. hydrogen tank manufacturer Cimarron Composites, with $100 million in investment by 2025.
The government will install 12 hydrogen charging stations before the end of this year and set up another 110 in the first half of next year.
Seven out of 10 hydrogen-powered vehicles sold from January to September this year were from Hyundai Motor, according a local research and energy consulting firm Monday.