Investing 191.8 Billion KRW in Pohang to Establish a 'Hydrogen Fuel Cell Cluster'... Final Approval of Preliminary Feasibility Study Passed

Gyeongbuk Province announced that the ‘Hydrogen Fuel Cell Industry Cluster Development Project,’ which has been promoted to respond to climate change and achieve carbon neutrality, has finally passed the preliminary feasibility study.

On the 20th, the Ministry of Economy and Finance held a Financial Project Evaluation Committee meeting and reviewed and approved this preliminary feasibility project to foster future energy new growth engine industries and activate distributed energy.

Perspective view of the hydrogen fuel cell cluster to be established in Pohang

This project was selected as a preliminary feasibility study target project in August 2021, and from October of the same year until last June, the Korea Institute of Public Finance conducted the feasibility study, including economic (B/C) and policy analysis.

The approved preliminary feasibility project is the first fuel cell cluster development project in Korea, a large-scale project investing a total of 191.8 billion KRW by 2027 on a 280,240㎡ site within the Pohang Blue Valley National Industrial Complex.

The main cluster development projects consist of three core areas: the Enterprise Agglomeration Core, the Parts and Materials Performance Evaluation Core, and the Localization Demonstration Core.

First, the Enterprise Agglomeration Core will be developed on a scale of 200,457㎡ together with 30 participating companies that have submitted letters of intent to move into the project. Through linkage among hydrogen-specialized companies, a fuel cell value chain is expected to be formed.

Next, the Parts and Materials Performance Evaluation Core will be developed on a scale of 11,407㎡ as a standardization base necessary for the R&D of resident companies. Through the construction of equipment buildings and corporate laboratories, 26 units of 20 types of large-capacity core parts evaluation equipment will be installed. Based on this evaluation equipment, it will play a central role as a parts and materials performance and reliability evaluation district, supporting companies in solving technical problems, enhancing product durability, conducting R&D, and commercializing their products.

Lastly, the Localization Demonstration Core, covering 8,500㎡, will house 24 units of 7 types of fuel cell system evaluation equipment. In particular, it will be used to conduct final evaluations of systems developed by companies and enhance technological competitiveness, thereby accelerating localization through the development of core fuel cell technologies.

Gyeongbuk Province expects this project to create a total of 3,658 high-quality jobs, including 2,650 direct and indirect employments and 1,008 employees of resident companies, and to generate an economic ripple effect of 357 billion KRW.

Going forward, Gyeongbuk Province stated that it will apply for designation as a ‘Hydrogen Specialized Complex’ and devote all efforts to fostering the hydrogen industry by nurturing preliminary hydrogen-specialized companies, diversifying industries, and attracting core companies in the hydrogen sector.

Lee Cheol-woo, Governor of Gyeongbuk Province, said, “To successfully establish the hydrogen fuel cell cluster, we will actively provide institutional foundations and policy support such as infrastructure construction, investment support, and improvement of living conditions,” adding, “We will lead energy decentralization through building a hydrogen production complex utilizing nuclear power in the local era and designating distributed energy special zones.”