Four Future Mobility Companies Sign Major Investment Agreement with Changwon Special City

Approximately 536.8 Billion Won Worth of New and Expanded Facilities
Accelerating Designation of Changwon-type Opportunity Development Zone

On the 19th, Changwon Special City in Gyeongnam signed investment agreements worth approximately 536.8 billion KRW with four related companies to designate a hydrogen-based Future Mobility Opportunity Development Zone.

Changwon Special City Signs Large-Scale Investment Agreement with Four Future Mobility Companies.

The signing ceremony was held at the Gyeongnam Provincial Government Office, attended by Hong Nam-pyo, Mayor of Changwon Special City, Park Wansu, Governor of Gyeongnam, and the CEOs of the four companies (Romansys, Bumhan Fuel Cell, Bumhan Automotive, and Samhyun), along with a total of six related officials.

The four companies agreed to closely cooperate to designate Changwon as a Future Mobility Opportunity Development Zone and to vitalize the regional economy. From this year through 2028, the four companies plan to invest about 536.8 billion KRW in the Changwon National Industrial Complex and aim to create 750 jobs.

Romansys, a manufacturer of diesel-electric locomotives, electric trains, and hydrogen trams, has decided to invest 224.8 billion KRW to expand its production facilities on an 87,923.5 square meter site to meet the increasing domestic and international demand for locomotives and electric trains and to enter future growth industries.

Bumhan Fuel Cell, a hydrogen fuel cell manufacturer, plans to invest 160 billion KRW in a 63,774.7 square meter site to establish production facilities for fuel cells for land and marine mobility, aiming to commercialize hydrogen fuel cell power generation units and integrate hydrogen mobility and related businesses.

Bumhan Automotive, a manufacturer of hydrogen buses and mobility solutions, plans to invest 100 billion KRW in a 66,166 square meter site to build complete vehicle production facilities for hydrogen mobility and other vehicles, and will relocate its headquarters from Seoul to Changwon in response to the future e-mobility market.

Samhyun, a manufacturer of motion control systems for hydrogen vehicles, has decided to invest 52 billion KRW in an 8,581 square meter site to develop and mass-produce core modules for electric propulsion systems, in response to increased orders for its core electrification modules.

Changwon City plans to accelerate the designation of the Changwon-style Opportunity Development Zone through this investment agreement.

The Opportunity Development Zone is a system designed to attract large-scale corporate investment to local areas. When designated as a zone, companies that sign investment agreements with local governments receive a package of benefits, including regulatory exemptions, tax and administrative support, and improvements to living conditions.

The city aims to foster the zone as a core hub of the global future mobility industry, starting in the short term with hydrogen-based mobility industries (such as hydrogen buses and trams), and expanding the industrial ecosystem in the mid- to long-term to include special-purpose vehicles (such as hydrogen drones and UAM), smart defense, and robotics.

Hong Nam-pyo, Mayor of Changwon Special City, stated, "If Changwon is designated as an Opportunity Development Zone, it will establish the foundation for a sustainable and growing future mobility industry. I am grateful for the large-scale investment decisions by the four companies, and the city will spare no administrative support to ensure smooth progress of future investments."