The Hyundai Motor Group is planning to rank second in the global eco-friendly car market by 2020. To this end, the company is focusing on hydrogen fuel cell vehicle R&D at the Gwangju Creative Economy Innovation Center. At the same time, it is going to raise 177.5 billion won (US$162.3 million) in funds with the government for startups in the auto industry and better business management at small and medium enterprises. The funds include a so-called hydrogen fund of approximately 15 billion won (US$13.7 million), which will be spent on the hydrogen fuel cell industry. Industry-academic idea collection, expert consulting, and mentoring are scheduled, and stations are set up for LPG and CNG-based hydrogen and electric power generation, sale, and storage.
Joint research activities and programs will be underway as well to replace imported hydrogen vehicle parts with domestically-developed ones. Specifically, these will cover the development of separation membranes, base materials, storage, and transfer techniques for fuel cells and external power transmission technology, and so on. According to the Nikkei BP Cleantech Institute, the global fuel cell market is estimated to reach 400 trillion won (US$366 billion) in 2030. The hydrogen fuel cell industry of Korea is expected to exceed 107 trillion won (US$97.9 billion) by 2040, and they expect to create about 175,000 jobs and produce 23.5 trillion won (US$21.5 billion) of goods.
For full article, see Business Korea.
Hyundai Motor and Kia Motors on Tuesday opened their creative economy innovation center in Gwangju. The Gwangju center is the nation’s sixth creative innovation center, following Samsung Group’s Daegu and North Gyeongsang centers, SK Group’s Daejeon center, Hyosung Group’s North Jeolla center, and Posco’s Pohang center.
They are all part of the Korean government’s creative economy initiative, in which large conglomerates in each industry are matched with regions to help boost sagging local economies by assisting small and midsize companies and start-ups based there with cutting-edge technologies and business networks. Hyundai and Kia were matched with Gwangju because they have been doing business there for decades.
The Gwangju center will mainly focus on enhancing the regional economy in Gwangju and South Jeolla by researching eco-friendly automotive technologies such as hydrogen fuel-cell vehicles and hybrid cars. Of 17 creative innovation centers planned by the government, the Gwangju center is the largest in size, at about 1,190 square meters.
For full article, see Korea Herald.
Hyundai & Kia will greatly increase its R&D investments starting this year. The company is forecast to become No. 3 in the automotive industry in terms of annual R&D investments. In particular, it is expected to lead the next-generation automotive technology development along with Volkswagen and Toyota. Although it is No. 5 in global sales, it has remained in the lower ranks in terms of R&D investments. Now Hyundai & Kia has laid the foundation for ‘completely changing’ its technological competitiveness. According to industry insiders on January 19, Hyundai & Kia’s average yearly R&D investments (KRW6,775 billion) in the next 4 years are No. 3 in the global automotive industry following Volkswagen and Toyota. The company is planning to invest a total of KRW27.1 trillion in R&D from 2015 till 2018.
According to the R&D statistics (EU R&D Scoreboard) recently published by the European Commission (EC), Volkswagen invested the largest amount (about KRW14,720.5 billion) in R&D in the automotive industry (as of 2013), followed by Toyota (KRW7,859.6 billion) and Daimler (KRW6,742.8 billion. Looking at the R&D funds for 2015 only, Hyundai & Kia rapidly rose to the No. 3 position just below Toyota in the industry. The company invested KRW2,219.3 billion in R&D in 2013, ranked No. 15 in the automotive industry including automobiles and parts. However, in just 2 years, its R&D investments increased more than three times, and the company became a top ranker in quantitative terms. As a result, its competition with other auto makers in Germany, Japan and the US over next-generation technologies is forecast to intensify further.
For full article, see Korea IT News.
The government will provide loans of 100 trillion won ($92.3 billion) for the development of the Internet of Things (IoT) and other software projects to foster new growth engines. In a joint briefing Wednesday, the Ministry of Science, ICT and Future Planning and four other ministries said the state financing scheme will benefit fifth-generation mobile networks, bio medicine, solar and fuel cells, bio energy and nano semiconductor and sensor technologies.
“We will help finance hydrogen cars, zero-energy towns and the Internet of Things (IoT) in 17 regional Creative Economy Innovation Centers,” said Science, ICT and Future Planning Minister Choi Yang-hee. These centers will also involve Hyundai Motor, Hyundai Heavy Industries, LG, Doosan, Lotte, Hanwha, CJ, GS, Hanjin, KT, Naver and Daum Kakao. The innovation centers are a pet project of President Park Geun-hye — Daegu, Daejeon, Gumi in North Gyeongsang Province and Jeonju in North Jeolla Province are currently home to such centers.
For full article, see Korea Times.
Hyundai Motor Group, the world’s fifth-largest automaker, said Tuesday it would invest about 81 trillion won ($73 billion) over the next four years to improve facilities, expand production lines, develop core technologies for smart and green cars, and construct its headquarters building. Under the investment road map, the automaker is expected to spend an annual average of 20.2 trillion won through 2018, which would surpass its previous high of 14.9 trillion won in 2014.Hyundai Motor’s new investment plan came one day after President Park Geun-hye called on conglomerates to expand investments in order to bring about an economic turnaround.
It will spend 31.6 trillion won on research and development projects. The large-scale R&D investments are aimed at obtaining key technologies needed to produce eco-friendly and smart vehicles, which are expected to see intensified competition, according to the group. Regarding investments in future car development projects, the company will invest 11.3 trillion won by 2018 to develop eco-friendly vehicles such as hybrid electric cars and fuel cell vehicles. Talent acquisition is also a crucial part of Hyundai Motor’s new investment plan. The company will hire 7,345 R&D specialists over the next four years.
For full article, see Korea Herald.
World’s largest residential Hydrogen town will be built in Ulsan, Korea by April 2013.
Korea Energy Management Corporation (KEMCO) selected the city of Ulsan as a pilot Hydrogen town and aims to complete it by April 2013. A Hydrogen town is a place where hydrogen, which is produced as a byproduct in industrial activities, is supplied to houses, public buildings and commercial buildings as a fuel for fuel cells. Hourly 1.8 million m3 of hydrogen is generated from industrial activities in Korea and 67% of them come from Ulsan. Ulsan has Onsan National Industrial Complex which produces hydrogen as a byproduct in the process of manufacturing petrochemical products or during the operation of a power plant.
In the Hydrogen town, one kW fuel cells in 140 households, 5 kW and 10 kW fuel cells in two commercial buildings and one government building will be built. Total 195 kW fuel cells will produce 1664 MWh of electricity and 2026 Gcal of heat annually. It is expected to replace 358 TOE of fossil fuel and reduce 1,088 ton of CO2 annually.
For full article, see AgentschapNL.
South Korea’s largest private power-generating company POSCO Energy gained a technology to independently produce core parts of fuel cells in five years since the company commenced the fuel cell business.
A fuel cell is an electrochemical device that combines hydrogen and oxygen in a chemical reaction to produce electricity, useable heat and water. Fuel cells are emerging as a new eco-friendly source of generating renewable energy.
POSCO Energy said Monday (local time) that it signed a contract with FuelCell Energy, an US manufacturer of ultra-clean fuel cell power plants, to license the technology to build core components of fuel cells, becoming the first Korean company to secure the technology.