Aspiring to Become Global No. 1 Player in 2025
SK Group unveiled its hydrogen business plan at the inaugural meeting on Sept. 8 of the Korea H2 Business Summit, a consultative body launched by leading Korean conglomerates promoting hydrogen-related private businesses.
SK Group plans to invest 18.5 trillion won to build a hydrogen value chain, the largest amount among 15 member companies of the consultative body. It aims to solidify its status as an operator of an integrated hydrogen value chain, which includes hydrogen production, distribution, and supply. SK Group predicted that it will be able to generate an additional 30 trillion won in net asset value by 2025.
To create a domestic hydrogen ecosystem, SK E&S will invest about 500 billion won to establish a 30,000-ton liquefied hydrogen production system. The company plans to produce an additional 250,000 tons of clean hydrogen by using natural gas.
SK Group is also planning to start a green hydrogen production project by utilizing renewable energy such as solar and wind power in the long term. Its goal is to produce a total of 280,000 tons of eco-friendly hydrogen annually in Korea to establish itself as the world's No. 1 eco-friendly hydrogen company.
SK Group secured the status of the largest shareholder of Plug Power, a leading global hydrogen company, in early 2021. It has recently invested in Monolith in the United States, which established the world's first clean hydrogen production system, to secure more hydrogen production options and core technologies.
"Large-scale investment is needed to rev up the hydrogen economy,” SK Group chairman Chey Tae-won said at the event. He proposed the establishment of a fund for investment in hydrogen projects. “I think that member companies of the Korea H2 Business Summit can promote large-scale overseas and infrastructure projects to create promising hydrogen business opportunities. Financial companies can supply funds for investment in these projects."
SK Inc. is a co-chair of the Korea H2 Business Summit. SK, Hyundai Motor and POSCO groups prepared for the launch of the organization.