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.