Hyundai Motor Group concentrating on hydrogen fuel cell vehicle development

2015_02_hydrogen-fuel-cellThe 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.

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Korean gas company SK Gas to import shale gas-based LPG from US

South Korea’s liquefied petroleum gas (LPG) company SK Gas is working on importing LPG made from US shale gas. The import decision is seen as a way to diversify import sources and cut costs as SK Gas’ major local rival, E1, recently decided to import LPG made from US shale gas, starting in 2014. While E1 imports shale gas-based LPG to sell it to consumers, SK Gas intends to use the imported gas as a base material for its petrochemical products to be manufactured under its new business plan in addition to sales for consumers.

“We are pushing ahead with the propane dehydrogenation (PDH) business in which LPG is one of the essentials and plan to adopt US shale gas-based LPG for the new business,” said an official of SK Gas Sunday. The plan, however, comes with a prerequisite that prices of LPG made out of US shale gas remains lower than those of the gas from the Middle East at a point when the company begins the PDH business.

“If we import LPG produced from US shale gas, the imports will commence sometime after 2014, when the expansion of Panama Canal is completed,” said the official. Once the expansion project is accomplished, a transport of US shale gas to Korea will take a shorter time of 30 days than the current 50 days.

For full article see Maeil Business.