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Attracting Plug Power, a world-class company in the hydrogen industry

Leading the hydrogen public transportation era with hydrogen anchor companies such as Hyundai Motor Company, SK E&S, and Plug power


On March 30th, Incheon started fostering the hydrogen industry in earnest by attracting investment from Plug Power, a world-class company in the hydrogen industry, and through the conversion of hydrogen public transportation.


On the same day, Incheon Metropolitan City signed a 'business agreement for attracting investment from global first-class hydrogen companies' and 'a business agreement for creating a leading city for hydrogen public transportation' with the Ministry of Trade, Industry and Energy, the Ministry of Environment, Korea Land and Housing Corporation, SK E&S, Hyundai Motor Company, Plug Power, etc., and they agreed together to foster the hydrogen industry promoted by Incheon.
 

▲ On March 30th, Incheon started fostering the hydrogen industry in earnest by attracting investment from Plug Power, a world-class company in the hydrogen industry, and through the conversion of hydrogen public transportation.


Business agreement to attract investment from global first-class hydrogen companies


In the meantime, the city has been working with the Ministry of Trade, Industry and Energy to prepare an investment base such as suitable land and electricity supply to attract investment from Plug Power, a global first-class hydrogen company.


In particular, Park Namchoon, Mayor of Incheon, met with Plug Power CEO Andrew Marsh in October of last year to attract investment and introduced the plan to build a hydrogen cluster in the Cheongna region, drawing a lot of sympathy.


Plug Power is a global hydrogen company that occupies 95% of the hydrogen forklift market in the US and has core technology for water electrolysis to produce green hydrogen. It established a joint venture in Asia with SK E&S in January and built a fuel cell and water electrolysis facility* production system (Giga-factory) in Cheongna, Incheon, and plans to enter the Asian market as well as domestic supply, starting with mass production in 2024.


As the largest foreign investment in the hydrogen sector in Korea is realized in the Incheon Cheongna region, the city expects that it will promote industry conversion of small and medium-sized enterprises (SMEs) living in aging industrial complexes in Incheon and lead to sustainable growth and employment expansion.


Business agreement for creating a leading city for hydrogen public transportation
 

▲ The city decided to cooperate with hydrogen anchor companies such as SK E&S, Hyundai Motor, and Plug Power to build a clean public transportation system that does not generate greenhouse gases and fine dust.


The city decided to cooperate with hydrogen anchor companies such as SK E&S, Hyundai Motor, and Plug Power to build a clean public transportation system that does not generate greenhouse gases and fine dust.


The city plans to convert all city buses to hydrogen buses by 2030, starting with the early introduction of 700 hydrogen buses by 2024 among 2037 city buses in operation. In addition, it plans to build 12 hydrogen charging stations for buses by 2024 and 5 after 2025.


To this end, SK E&S and Halo decided to cooperate to lay the foundation for the growth of the hydrogen industry, such as supplying liquid hydrogen and building hydrogen charging infrastructure, and Hyundai Motor Company decided to make efforts to supply hydrogen commercial vehicles and localize technology.


At the signing ceremony, the city suggested that the government prepare a financial support plan for the large-scale conversion to hydrogen city buses.
 

▲ Incheon Metropolitan City staff took a commemorative photo after viewing the Hydrogen Mobility Exhibition prior to the 'business agreement for attracting foreign investment companies in the hydrogen industry and creating a leading city for hydrogen public transportation' held at the Central Hall of City Hall on the 30th.


The hydrogen bus is a running air purifier and is evaluated for its excellent ride quality and fuel efficiency. The city expects to provide high-quality public transportation services to citizens through the conversion of hydrogen city buses, as well as provide an opportunity to naturally inform the eco-friendliness and safety of hydrogen.


Incheon is evaluated as an optimal location for the hydrogen industry as it has the conditions to form a value chain for the entire life cycle from hydrogen production, to transportation, storage, supply, and utilization based on hydrogen demand in the metropolitan area, including airports and ports.


The city expects to play a role as a driving force in the Korean hydrogen industry in the future through this Plug Power investment attraction following SK E&S, Hyundai Mobis, and GS Energy, and it is expected to have a positive impact on the city's current urban hydrogen production cluster construction project.

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