Hyundai Motor, SK, POSCO, and Hyosung Heads Meet to Establish "Hydrogen Business Council" (Update)

Chung Euisun, Chairman of Hyundai Motor Group

[Asia Economy Reporter Changhwan Lee] Hyundai Motor, SK, POSCO, and Hyosung are pushing to establish a hydrogen business council.

On the morning of the 10th, the heads of four groups?Jung Euisun, Chairman of Hyundai Motor Group; Chey Tae-won, Chairman of SK Group; Choi Jeong-woo, Chairman of POSCO Group; and Cho Hyun-joon, Chairman of Hyosung Group?met at the Hyundai Motor and Kia Technology Research Center in Gyeonggi Province to discuss the establishment of the hydrogen business council.

Earlier this year, Hyundai Motor, SK, and POSCO agreed on the necessity of private-sector-led cooperation to revitalize the hydrogen economy and achieve carbon neutrality, and decided to promote the establishment of a CEO-level council called the "Korean Hydrogen Council."

Subsequently, with Hyosung Group expressing its intention to participate in the council, the four group chairmen convened to formally discuss the establishment of the hydrogen business council.

The hydrogen business council will be co-chaired by three groups?Hyundai Motor Group, SK Group, and POSCO Group?and will lead the expansion of participation by companies conducting or planning hydrogen-related businesses and investments, including Hyosung Group. The participating companies will be finalized by July, and a CEO general meeting will be held in September to officially launch the council.

The hydrogen business council will operate as a CEO-level council. Through regular general meetings and forums, it is expected to play a key role in realizing a hydrogen society by promoting domestic corporate investment and expanding the hydrogen industry value chain.

Chairman Jung Euisun stated, “By establishing the hydrogen business council and continuing cooperation with major domestic companies in hydrogen-related businesses, we will contribute to the spread of hydrogen energy and the early realization of a hydrogen society.” Chairman Chey Tae-won emphasized, “The role of companies is crucial to fostering and driving the growth of the domestic hydrogen industry. We will strive to ensure that the hydrogen industry takes firm root and becomes a global hydrogen powerhouse.”

Chairman Choi Jeong-woo said, “The hydrogen economy is a task that POSCO alone cannot accomplish. For the transition to a hydrogen economy, policies and systems must support it, and the industry must unite to contribute to carbon neutrality and national development.” Chairman Cho Hyun-joon expressed, “Through continuous R&D, Hyosung Group will actively participate in building an efficient and economical hydrogen value chain by domesticating hydrogen charging and supply facilities.”